ALTEOGEN Inc. (KOSDAQ:A196170) announced a private placement of 1,090,280 registered convertible preferred stock at a price of KRW 29,350 per share for the gross proceeds of KRW 31,999,718,000 on April 12, 2018. The transaction will include participation from a group of investors, including Kiwoom Securities Co., Ltd. (KOSE:A039490) and Korea Investment Holdings Co., Ltd. (KOSE:A071050) for 102,214 shares each and Meritz Securities Co., Ltd. (KOSE:A008560) for 68,143 shares. The shares will be issued at 10% discount on theoretical ex-rights share price.

The preferred shares are convertible into common shares of the company from a April 19, 2019 and April 18, 2023. The shares carry dividend rate of 1% per annum. The transaction is expected to close on April 19, 2018 and scheduled delivery date of new share certificate is April 30, 2018.

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