International Research Corporation Public Company Limited announced that it has entered into a Convertible Debenture Issuance Agreement to issue convertible debentures for gross proceeds of THB 300,000,000 on May 31, 2022. The transaction will include participation from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd. The debentures will mature on March 23, 2025. The transaction will be completed in three tranches. Tranche one will have the value of not more than THB 100,000,000 divided into 20 sets, THB 5,000,000 per set, tranche two will have the value of not more than THB 100,000,000 divided into 20 sets, THB 5,000,000 per set and tranche three will have the value of not more than THB 100,000,000 divided into 10 sets, THB 10,000,000 per set. The debentures will be converted into 117,749,766 common shares. The debentures needs to be issued within one year from the shareholder's approval date. The debentures will bear an interest rate of 1% per annum payable on June 30 and December 31 each year. The debentures will mature after 3 years of completion of each tranche. The convertible debentures holders may exercise their conversion rights of the convertible debentures every day until the close of business hours 1 week prior to the convertible debenture maturity date.

On the same date, the company received THB 20,000,000 in its first tranche. The company received THB 10,000,000 from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and THB 10,000,000 from Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd in the tranche.

On June 2, 2022, the company announced that the conversion price of the convertible debentures is THB 1.350 per share.

On June 8, 2022, The company amended the terms of transaction and announced the conversion price of convertible debentures is THB 1.323 per share.