Advanced Nano Products Co., Ltd. announced that it will issue 1,322,289 redeemable convertible preferred stock of face value, KRW 500 at issue price of KRW 60,500 per share for gross proceeds of KRW 79,998,484,500 on May 13, 2022. The transaction will include participation from K-Clavis-Kiwoom New Materials and New Technology Business Association for 247,933 shares, Saneun Capital Co., Ltd. for 165,289 shares, SLi Next innovation Fund, a fund managed by SL Investment for 66,115 shares and other investors. The transaction is through third party allotment method.

The preferred shares will carry a dividend rate of 1% per annum and are convertible at KRW 60,500 per share beginning from May 24, 2023 to May 23, 2032. The transaction is expected to close on May 23, 2022. The transaction has been approved by the board of directors of the company.

The preferred shares are subject to a lock up period of one year.