Issuance of 10 Billion KRW 19th Convertible Bonds, Premium Conversion Price (4,433 KRW) via Third-Party Allotment to Largest Shareholder

Issuance size: 10 billion KRW, 19th unregistered unsecured private convertible bonds, maturity May 29, 2031, coupon rate 2%, yield to maturity 4%
Conversion terms: Conversion price 4,433 KRW (38% premium to current price of 3,210 KRW), number of shares upon conversion 2,255,808 (17.05% dilution based on 13,227,189 outstanding shares)
Minimum adjusted conversion price 3,103 KRW (70% of initial), allowing downward adjustment if market price falls
Allottee: Entire amount allocated to largest shareholder Aprogen Co., Ltd.
Use of funds: Acquisition of securities of other corporation (investment in Ackro Technology Union No.241, a newly established fund)
Put option: Early redemption possible every 3 months starting from November 29, 2027 (1.5 years after issuance), initial redemption rate 103.076%
Total potential dilution including outstanding CBs of 118 billion KRW: 169.49% of outstanding shares

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