Xi S&D Inc. announced a private placement of 10,246,000 convertible preferred shares at an issue price of KRW 9,760 for gross proceeds of KRW 100,000,960,000 on December 10, 2021. The transaction include participation from Glenwood Solution 1 Co., Ltd for all the shares issued. The share issued are subjected to one year holding period. The securities issued are participating, redeemable, and cumulative. The securities issued are convertible into common stock. The preferred dividend rate is 1.5% per annum based on the issuance price per share, and it is a participating and cumulative preferred stock. The securities issued are approved by board of directors. The transaction is subjected to approval of extraordinary general meeting of shareholders scheduled to be held on January 21, 2022. The transaction is expected to close on February 10, 2022. The securities are issued through third party allotment method.