Gemvaxzio Co., Ltd. (KOSDAQ:A041590) announced a private placement of 17th series domestic unnamed private equity convertible bonds for gross proceeds of KRW 8,400,000,000 on March 30, 2020. The transaction included participation from existing investor GemVax&KAEL Co.,Ltd (KOSDAQ:A082270). The bond carry coupon rate of 0% and have yield to maturity of 3%.

The bonds will mature on March 30, 2023. The bonds will be 100% converted into 10,370,370 common shares representing 13.31% of the company at a fixed conversion price of KRW 810 per share. The conversion period is from March 30, 2021 to February 28, 2023.

The transaction has been approved by the board of directors of the company. The securities issued in the transaction are subject to a lock up period of 1 year.