Seoul Auction Co. Ltd. announced a private placement to issue 1st bearer type unsecured privately placed bonds for the gross proceeds of KRW 12,500,000,000 on June 26, 2023. The transaction will include participation from new investor Pectus-IBKC New Technology Fund 1 for KRW 12,500,000,000.

The bonds are 100% exchangeable into 751,201 common shares at a price of KRW 16,640 from July 5, 2024 to June 5, 2028. The bonds have zero coupon rate and 3% maturity rate and matures on July 5, 2028. The bonds are restricted to a hold period of one year.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on July 5, 2023.