HLB bioStep Co.,Ltd. announced a private placement of series 3 bearer-type, non-guaranteed private placement perpetual convertible bonds for the gross proceeds of KRW 1,438,165,744 on April 25, 2024. The transaction will include participation from new investor Kangstem Biotech Co., Ltd. The bonds carry coupon rate & maturity rate of 0% and will mature on May 9, 2054. The bonds are fully convertible into 358,109 common shares at a conversion price of KRW 4,016 per share from May 9, 2025 to April 9, 2054.

The transaction has been approved by the shareholders of the company and is expected to close on May 9, 2024. The bonds are restricted for 1 year from the date of bond issuance.