BIFIDO Co., Ltd announced a private placement of series 1 bearer-bearing interest-bearing unsecured private placement convertible bonds for a gross proceeds of KRW 15,000,000,000 on September 25, 2023. The transaction has been approved by the board of directors of the company. The bonds carry coupon rate of 0% and maturity rate of 1% and will mature on October 4, 2028.

The bonds are fully convertible into 2,246,517 common shares at a conversion value of KRW 6,677 per share from October 4, 2024 to September 4, 2028. The bonds are restricted to a hold period of one year. The transaction is expected to close on October 4, 2023.

The transaction will include participation from new investor Bukuk-Renaissance Healthcare New Technology Fund 1.