RN2 Technologies Co., Ltd. announced a private placement of 1,200,480 shares at an issue price of KRW 8,350 per share for a gross proceeds of KRW 10,024,008,000 and round 5 Non-guaranteed Private convertible bonds for gross proceeds of KRW 20,000,000,000 October 18, 2022. The transaction will include participation from new investor M-Light Fund No. 1 and common shares will include participation from Automobile & PCB Inc. and Alpha Partners Korea for 600,240 shares each.

The transaction has been approved by board of directors of the company. The common shares have a lock-up period of one year. The bond carry coupon rate of 2% and maturity rate of 4% per annum and will mature on December 23, 2025.

The bonds are fully convertible into 2,125,398 common shares at a price of KRW 9,410 per share starting from December 23, 2023 to November 23, 2025. The payment date is December 23, 2022. The transaction is expected to close on December 23, 2022.