INSAN Inc. announced a private placement of series 10 bearer-bearing, non-guaranteed, non-separable private placement bonds with warrants for the gross proceeds of KRW 15,000,000,000 on April 26, 2024. The bonds carry a coupon rate of 0% and maturity rate of 5% and will mature on May 8, 2027. The bonds are fully convertible in to 7,727,975 common shares at a conversion price of KRW 1,941 per share from May 08, 2025 to April 8, 2027.

The transaction has been approved by the shareholders of the company and is expected to close on May 8, 2024. The transaction will include participation from returning investors Mirae Asset Securities Co., Ltd. for KRW 6,300,000,000, KB Securities Co.,Ltd for KRW 4,200,000,000 and Samsung Securities Co.,Ltd. for KRW 1,000,000,000 and new investors Korea Investment & Securities Co., Ltd. for KRW 2,000,000,000 and Shinhan Investment & Securities Co., Ltd. for KRW 1,500,000,000. The bonds are restricted to a hold period of one year from the date of issuance.