GemVax&KAEL Co.,Ltd. announced a private placement to issue Series 7 Bearer-Type Non-Guaranteed Private Placement Non-Separable Bonds With Warrants for the gross proceeds of KRW 17,600,000,000 on March 22, 2024. The transaction will include participation from new investors Kiwoom Asset Management Co., Ltd. for KRW 3,000,000,000, Maven New Technology Association No. 51 for KRW 4,000,000,000, Sherman Lee Asset Co., Ltd. for KRW 1,400,000,000, BJ Ventures Co., Ltd. for KRW 1,000,000,000, JJ Asset Co., Ltd. for KRW 500,000,000, Jin-gi Choi for KRW 1,500,000,000, Young-mi Nam for KRW 1,100,000,000, Deoksu Lim for KRW 600,000,000, Unkyung Lee for KRW  600,000,000, Hoon-cheol Lee for KRW 500,000,000, Jaejoong Jeong for KRW 500,000,000, Youngjin Industry Co., Ltd for KRW 500,000,000, Gun-hee Park for KRW 300,000,000, Ji-An Go for KRW 300,000,000, Yongho Lee for KRW 200,000,000, An-ok Lee for KRW 200,000,000, Hyeon-joo Ji for KRW 200,000,000, Joong-an Kim for KRW 200,000,000, Eunyoung Kim for KRW 200,000,000, Hye-jeong Eom for KRW 200,000,000, Taehyun Kim for KRW 200,000,000, Dong Hyun Kim for KRW 200,000,000, Kyeong-hee Cho for KRW 100,000,000 and Hyunhee Ji for KRW 100,000,000.

The securities are restricted to a hold period. The bonds are 100% convertible into 1,462,765 shares at a fixed conversion price of KRW 12,032 from March 25, 2025 to February 25, 2027. The bonds bear zero coupon rate and 3% maturity rate and matures on March 25, 2027.

The transaction has been approved by the shareholders and is expected to close on March 25, 2024. The securities are restricted to a hold period.