THE MIDONG Co,. Ltd. announced a private placement of series 2 non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 3,500,000,000 on June 9, 2022. The transaction will involve participation from new investor NextEye Co., Ltd. for KRW 3,000,000,000 and Kyung-hoon Cho for KRW 500,000,000.

The bonds will carry coupon rate of 3% and a yield to maturity of 3.5%. The bonds will mature on June 28, 2025. The bonds will be fully convertible into 2,536,231 shares at a conversion price of KRW 1,380, representing 16.27% stake in the company.

The bonds can be converted from June 28, 2023 to May 28, 2025. The subscription date is the same day and the payment date of the bonds is June 28, 2022. The bonds are restricted in nature.

The transaction was approved by the board of directors of the company.