Koreacenter Co.,Ltd. (KOSDAQ:A290510) announced a private placement of 8,264,462 convertible preferred shares at a price of KRW 7,260 per share for gross proceeds of KRW 59,999,994,120 on May 10, 2021. The face value of the preferred shares is 100 per share. The transaction will include participation from JNKC PEF and Daishin SKS Innovation 2nd PEF, each for 4,132,231 preferred shares. The company will issue the securities through third party allocation increase. The initial conversion price of this preferred stock is the same as the issuance price. However, if the conversion price is adjusted under the terms of the contract, the adjusted conversion price is used as the conversion price. The conversion period starts from May 18, 2022 and ends on April 17, 2031. Upon conversion of the preferred shares, the company will issue 8,264,462 common shares. The securities issued in the transaction are subject to a hold period of one year. The payment date of the transaction is May 18, 2021. The transaction was approved by the board of directors of the company.