Sangji Caelum, Inc. announced a private placement of 19th series non-guaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on January 28, 2022. The transaction will include participation from new investor Biforest Co., Ltd. The bond carry coupon rate of 3% and have yield to maturity of 3%. The bonds will mature on March 31, 2025.

The bonds will be 100% convertible into 7,849,293 common shares of the company, representing 8.63% of the total number of shares at a fixed conversion price of KRW 1,274 per share. The conversion period is from May 27, 2021 to May 26, 2023. The transaction has a subscription date of March 31, 2023 and payment date of February 28, 2025.

The transaction has been approved by the board of directors of the company. The securities issued in the transaction are subject to a lock up period of one year.