Sonid Inc. announced a private placement of series 25 non-guaranteed privately placed convertible bonds with bearer interest for a gross proceeds of KRW 30,000,000,000 on January 13, 2023. The transaction will include participation from JY Mirae Technology Company Co., Ltd. The bonds have a coupon rate of 1% and yield to maturity of 4%. The bonds will mature on March 30, 2026.

The bonds will be 100% converted into 6,641,576 common shares at a fixed conversion price of KRW 4,517 per share for an equity stake of 31.02%. The conversion period is from March 30, 2024 to February 28, 2026. The bonds are restricted to a hold period of 1 year.

The payment date of the transaction is March 30, 2023. The transaction has been approved by the board of directors of the company.