Gemvaxzio Co., Ltd. announced a private placement of 20th series domestic unregistered nonguaranteed secured private convertible bond for gross proceeds of KRW 7,300,000,000 on December 9, 2021. The transaction included participation from returning investor, SAMSUNG PHARM. Co., LTD. The bond bear an coupon rate of 0%, maturity rate of 3% and will mature on December 9, 2024.

The bond will be 100% convertible into 6,043,046 common shares representing 6.66% stake of the company at a fixed conversion price of KRW 1,208 per share. The conversion period is from December 9, 2022 to November 9, 2024. The subscription date is December 9, 2021 and payment date is December 9, 2021.

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