Aprogen Biologics Inc. announced a private placement of series 14 Unregistered coupon unguaranteed private convertible bond for KRW 40,000,000,000 in April 13, 2023. The transaction will include participation from Aprogen, Inc. The bonds will bear 6% interest rate and will mature on April 14, 2028. The bonds are convertible into 80,000,000 shares at an conversion price of KRW 500 per share.

The bonds will start conversion from April 15, 2024 and will end on March 14, 2028. The transaction is expected to close on April 14, 2023. The transaction was approved by the board of directors of the company.