S-Fuelcell co., Ltd. announced a private placement of 1st bearer type interest part no guarantee private placement convertible bond for gross proceeds of KRW 10,000,000,000 and 2nd unregistered unguaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on October 26, 2022. The bonds will be issued at par. The transaction will include participation from Hanyang Securities Co.

Ltd. for KRW 1,000,000,000, KB Securities Co., Ltd. for KRW 2,800,000,000, Shinhan Investment Corp. for KRW 1,000,000,000, Hi Investment & Securities Co., Ltd. for KRW 2,000,000,0000, NH Investment & Securities Co., Ltd. for KRW 2,000,000,000, Samsung Securities Co., Ltd. for KRW 1,000,000,000 and Mirae Asset Securities Co. Ltd. for KRW 200,000,000.

The zero coupon bonds will mature on October 28, 2027 and have yield to maturity of 0%. The bonds are 100% convertible into 470,920 common shares of the company at KRW 21,235 per share from October 28, 2023 to September 28, 2027. Subscription date and payment date for the transaction is October 28, 2022.

The transaction has been approved by shareholders of the company.