HiDeep Inc. announced a private placement of round 2 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 14,000,000,000 on August 24, 2022. The bonds will mature on August 26, 2027. The transaction will include participation from new investors, NH Meritz Hi-Tech New Technology Fund for KRW 9,000,000,000, Lim Charles Changwan for KRW 2,500,000,000 and Lim Alexandra for KRW 2,500,000,000.

The bonds will be 100% convertible into 8,728,179 shares at KRW 1,604 per share representing 6.35% from August 26, 2023 to July 26, 2027. The bonds will not carry any interest and yield to maturity. The transaction is expected to close on August 26, 2022.

The payment and subscription date is August 26, 2022. The transaction was approved by the board of directors of the company. The issuance of private placements of conversion and debentures are prohibited for one year from the issuance date of bonds.