Gemvaxzio Co., Ltd. (KOSDAQ:A041590) announced that it will issue 3,825,136 common shares of par value KRW 500 at a price of KRW 915 per share for gross proceeds of KRW 3,499,999,440 on June 10, 2020. The transaction will include participation from returning investor GemVax&KAEL Co.,Ltd (KOSDAQ:A082270). The transaction has been approved by the board of directors of the company.

The shares are being issued at a premium through a third party allotment and are subject to a lock-up period of 1 year. The total number of shares issued are 73,601,089. The payment date for shares is June 18, 2020.