Midas AI Co.,Ltd. announced a private placement of series 17 unregistered nonguaranteed private placement convertible bonds for a gross proceeds of KRW 7,000,000,000 on November 30, 2021. The transaction will include participation from returning investor SA Corporation Co.,Ltd. The bonds have a coupon rate of 0% and yield to maturity of 3%. The bonds will mature on February 11, 2025.

The bonds will be 100% converted into 19,662,921 common shares at a fixed conversion price of KRW 356 per share for an equity stake of 13.56%. The conversion period is from February 11, 2023 to January 11, 2025. The payment date of the transaction is February 11, 2022.

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