N Citron, Inc. announced a private placement of series 13 unregistered coupon un-guaranteed private convertible bonds for gross proceeds of KRW 12,000,000,000 on November 23, 2021. The transaction will include participation from ATG Ground Co., Ltd. The series 13 bonds will have interest as1% and yield to maturity of 3% and will mature on January 28, 2025. The series 13 bonds are fully convertible into 8,902,077 common shares for 27.56% stake at a fixed conversion price of KRW 1,348 per share after 1 year from issuance.

The conversion period will start from January 28, 2023 to January 14, 2025. The transaction has been approved by the board of directors of the company. The payment date is January 28, 2022.