KODI CO., LTD announced a private placement to issue Series 18 Bearer type Unsecured Private Placement Rights Subordinate Bonds for the gross proceeds of KRW 11,500,000,000, 6,328,748 common shares at a price of KRW 1,334 for gross proceeds of KRW 8,442,549,832; for aggregate total gross proceeds of KRW 19,942,549,832 on January 8, 2024. The transaction will include participation from new investor GP Club Co., Ltd. The bonds are 100% convertible into 7,467,532 shares at a fixed conversion price of KRW 1,540 from March 29, 2025 to February 28, 2026. The bonds will mature on March 29, 2026.

The company will issue shares of par value of KRW 500 per share through third-party capital increase method. The shares will be locked up for a period of one year. Post closing, the total number of shares issued will increase from 31,643,740 shares to 37,972,488 shares.

The transaction has been approved by the shareholders of the company and is expected to close on March 29, 2024. The securities are restricted to a hold period of 1 year. The bonds have 0% coupon rate and 0 maturity rate.