Gemvaxzio Co., Ltd. (KOSDAQ:A041590) announced that it will issue 6,031,363 common shares of par value KRW 500 at a price of KRW 829 per share for gross proceeds of KRW 4,999,999,927 on April 16, 2020. The transaction will include participation from returning investor GemVax&KAEL Co.,Ltd (KOSDAQ:A082270). The transaction has been approved by the board of directors of the company.

The shares are being issued at a premium through a third party allotment and are subject to a lock-up period of 1 year. The total number of shares issued are 67,569,726. The payment date for shares is April 16, 2020.