GW Vitek CO.,LTD. announced a private placement of 17th series unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 6,000,000,000 on March 30, 2022. The transaction will include participation from Baro Savings Bank, Asset Management Arm for KRW 6,000,000,000. The bond is issued at 1% fixed interest rate, 6% yield to maturity rate and will mature on March 31, 2025.

The bonds can be 100% converted into 2,665,482 common shares for 7.06% stake in the company at a fixed conversion price of KRW 2,215 per share. The conversion period is from March 31, 2023 to February 28, 2025. The transaction has been approved by the board of directors of the company.

The subscription date is March 30, 2022 and the payment date is March 31, 2022. The securities are subject to 1 year hold period.