Aprogen Biologics Inc. announced a private placement of series 15 unregistered coupon unguaranteed private convertible bond for KRW 20,000,000,000 in April 21, 2023. The transaction will include participation from Aprogen, Inc. The bonds will bear 6% interest rate and will mature on April 24, 2028. The bonds are convertible into 40,000,000 shares at an conversion price of KRW 500 per share.

The bonds will start conversion from April 24, 2024 and will end on March 24, 2028. The transaction is expected to close on April 24, 2023. The transaction was approved by the board of directors of the company.