Synergy Innovation Co., Ltd. (KOSDAQ:A048870) announced a private placement of 11th series unregistered domestic non-guaranteed private convertible bonds for gross proceeds of KRW 12,000,000,000 on July 31, 2020. The transaction will include participation from new investors IBK Capital Corporation for KRW 5,000,000,000, KDB Capital Corporation, Investment Arm, Shinhan Capital, Investment Arm for KRW 2,000,000,000 each, RICO Asset Management Co., Ltd. for KRW 500,000,000, KB Securities Co., Ltd., Investment Arm for 700,000,000, Mirae Asset Daewoo Co., Ltd., Investment Arm for KRW 900,000,000, Samsung Securities Co. Ltd., Investment Arm for 100,000,000 and INS Co., Ltd for KRW 800,000,000. The bonds will mature on August 3, 2024. The bonds are zero-coupon and are 100% convertible into 5,937,654 shares representing 8.29% stake of the company at a fixed conversion price of KRW 2,021 per share. The conversion period will start on August 3, 2021 and will end on July 3, 2024. The transaction is expected to close on August 3, 2020. The transaction has been approved by the board of directors of the company. The transaction subscription date is July 31, 2020.