Kang Stem Biotech Co., Ltd. (KOSDAQ:A217730) announced a private placement of 3,239,934 registered convertible preferred stock at a price of KRW 14,815 per share for gross proceeds of KRW 47,999,622,210 on July 3, 2019. The transaction will include participation from Hana Financial Investment Co., Ltd. for 202,497 preferred stock for gross proceeds of KRW 2,999,993,055, Mirae Asset Daewoo Co., Ltd. (KOSE:A006800) for 134,998 preferred stock for gross proceeds of KRW 1,999,995,370, BNK Securities Co., Ltd. for 101,248 preferred stock for gross proceeds of KRW 1,499,989,120, and other 47 investors. The conversion period is from July 12, 2020 to July 12, 2024.

The securities will be issued at 10% discount. The securities will have lock-up period of one year. The payment date is on July 11, 2019.

The transaction has been approved by the board of directors of the company.