ITEK, Inc. announced a private placement to issue Series 5 Bearer-Bearing Interest-Bearing Unsecured Private Convertible Bonds for the gross proceeds of KRW 20,500,000,000 on April 9, 2024. The transaction will include participation from new investors NH Investment & Securities Co., Ltd. ( In the position of trustee of Fund 1 ) for KRW 500,000,000, NH Investment & Securities Co., Ltd. ( In the position of trustee of Fund 2 ) for KRW 500,000,000, Samsung Securities Co., Ltd. ( in the position of trustee of Fund 3 ) for KRW 1,000,000,000, Samsung Securities Co., Ltd. ( in the position of trustee of Fund 4 ) for KRW 1,000,000,000, KB Securities Co., Ltd. ( in the position of trustee of Fund 5 ) for KRW 1,000,000,000, SUSUNG ASSET MANAGEMENT Co., Ltd. ( In the position of a discretionary investment business operator ) for KRW 1,000,000,000, Mirae Asset Securities Co., Ltd. for KRW 1,000,000,000, 2023 Shinhan-JB Woori-Daishin listed company Mezzanine New Technology Fund for KRW 2,000,000,000, Kiwoom-Focus No. 1 New Technology Business Fund for KRW 1,500,000,000, Kiwoom-DS Mezzanine Blind New Technology Fund for KRW 2,000,000,000 and Compar-Kiwoom OSAT New Technology Business Fund for KRW 9,000,000,000.

The transaction has been approved by the shareholders of the company and is expected to close on April 11, 2024. The bonds bear zero coupon rate and 3% maturity rate and matures on April 11, 2027. The bonds are 100% convertible into 2,489,374 shares at a fixed conversion price pf KRW 8,235 from April 11, 2025 to March 11, 2027 and is restricted to a hold period.