GenNBio Inc. announced a private placement of 28,580,000 common shares at the price of KRW 560 per share for gross proceeds of KRW 16,004,800,000 on July 26, 2023. The transaction will include participation from returning investor JYC Co. Ltd. The company will issue shares of par value of KRW 500 per share through third party capital increase method.

The shares will be locked up for a period of one year. Post closing, the total number of shares issued will increase from 57,163,194 shares to 85,743,194 shares. The transaction has been approved by board of directors of the company.