INBIOGEN CO.,Ltd (KOSE:A101140) announced a private placement of 4,340,278 registered convertible preferred stock at an issue price of KRW 5,760 per share for gross proceeds of KRW 25,000,001,280 on December 2, 2020. The transaction will include participation from JJ Fund. The company will raise funding through third party allotment.

The preferred stock will be fully convertible into the 4,340,278 registered common stock of the company at a conversion price of KRW 5,760 per share. The conversion period of the preferred stock will be from February 19, 2022 to January 19, 2031. The preferred stock will be issued at discount of 10%.

The transaction is expected to close on February 19, 2021 and expected date of issuance of new shares is March 05, 2021. The security issued in the transaction will be subject to hold period of one year. The transaction was approved by the board of directors of the company.