Clips Co., Ltd. announced a private placement of 96,155 preferred shares at a price of KRW 26,000 per share for gross proceeds of KRW 2,500,030,000 on January 27, 2022. The transaction will include participation from new investors, EuBiologics Co., Ltd. for 38,462 preferred shares, SK bioscience Co.,Ltd. for 19,231 preferred shares, and BNC Korea Co., Ltd. for 38,462 shares. The transaction is expected to close on February 11, 2022.

The securities to be issued are subject to a lock in period of one year. The transaction has been approved by board of directors. The company will raise funding through third party allocation increase method.

The conversion period will start on February 12, 2022 and ends on February 10, 2029.