Gemvaxzio Co., Ltd. announced a private placement of 23,020,257 shares at a price of KRW 1,086 per share for gross proceeds of KRW 24,999,999,102 and round 21 domestic non-guaranteed private convertible bonds of face value KRW 30,000,000,000 on January 13, 2022. The transaction will include participation from new investor B&M Holdings Inc. for the shares and MTV 1 Association for the bonds. The company will receive funding through third party allotment of capital for the shares transaction.

The bonds are zero coupon with 3% per annum yield to maturity and will mature on February 14, 2025. The bonds are 100% convertible into 23,980,815 shares at a conversion price of 1,251 per share from February 14, 2023 to January 14, 2025. The transaction has been approved by board of directors of the company.

The shares transaction is expected to close on January 24, 2022 and the bonds transaction is expected to close on February 14, 2022. The securities issued are subject to restriction period of one year from issuance.