Human N, Inc. (KOSDAQ:A032860) announced a private placement of 5,649,717 common shares of par value KRW 500 per share at an issue price of KRW 1,770 per share for gross proceeds of KRW 9,999,999,090, and series 11 unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000, for aggregate gross proceeds of KRW 19,999,999,090 on July 8, 2020. The transaction will involve participation from Connected Alliance Fund for common shares, and KD Global Platform Fund for convertible bonds. The bonds are redeemable, carry a fixed coupon rate of 2% and yield to maturity rate of 3%, will mature on October 15, 2023, and are convertible into 3,861,003 shares at a fixed conversion price of KRW 2,590 per share from October 15, 2021 to September 15, 2023.

All shares to be issued in the transaction will be subject to a lock-up period of one year from the date of issuance. The company will issue shares through third-party allotment method. Post the closing, the total number of shares issued by the company will increase from 73,558,840 shares to 79,208,557 shares.

The payment date for the equity financing is October 29, 2020, and the convertible bonds financing is October 15, 2020. The transaction has been approved by the board of directors of the company.