Hanryu A.I. Center Co.,Ltd. (KOSDAQ:A222810) announced a private placement of series 9 unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 20,000,000,000 on May 16, 2019. The transaction involved participation from new investor PAXNet, Inc. (KOSDAQ:A038160). The bonds has been issued at par, carries a coupon rate of 2%, and has yield to maturity of 7%.

The bonds will mature on May 16, 2022. The bonds will be fully convertible into 7,843,137 shares of the company, representing a 36.35% stake in the company at a fixed conversion price of KRW 2,550 from May 16, 2020 to April 16, 2022. The transaction has been approved by the board of directors of the company.