GL Pharm Tech Corp. announced a private placement of 13,813,813 common shares at the price of KRW 666 per share for gross proceeds of KRW 9,199,999,458 on September 14, 2023. The transaction will include participation from new investor W Science Co., Ltd. The company will issue shares of par value of KRW 100 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 62,354,061 shares to 76,167,874 shares. The transaction has been approved by board of directors of the company.

The payment date for the transaction is February 28, 2024. The securities are restricted to a hold period of 1 year.