Fortis, Inc. announced a private placement of Series 28 unregistered coupon unguaranteed private convertible bonds for the gross proceeds of KRW 1,000,000,000 on December 7, 2022. The transaction will include participation from individual investor Lee, Hyuk Jae for KRW 1,000,000,000. The bonds are 100% convertible into 2,000,000 shares at a conversion value of KRW 500 per share with conversion period from December 8, 2023 to November 8, 2052 and will mature on December 8, 2052.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on December 8, 2022,