ITX-M2M Co., Ltd. (KOSDAQ:A099520) announced that it a private placement of 365,854 preferred redeemable convertible stock issued KRW 2,050 per share for gross proceeds of KRW 750,000,700 on May 25, 2020. The transaction will include participation from K& Investment Partners. The preferred shares are cumulative and carry a par value of KRW 500 per share. The shares will be issued at a premium. The company will raise the funding on third party allotment basis. The repayment of the preferred shares will start from December 30, 2023 and will end on June 30, 2030. The preferred shares are convertible into 365,854 common shares from June 30, 2020 to June 30, 2030. The securities issued in the transaction are subject to a hold period of one year. The transaction was approved by the board of directors of the company. The company expects to close the transaction on June 30, 2020.