HLB Life Science Co., Ltd. announced a private placement of series 10th Bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 45,000,000,000 on May 31, 2022. The transaction will include participation from Yong-ho Jo for KRW 28,800,000,000 and Young-Joo Moon for KRW 16,200,000,000. The bonds will be issued at par and will not carry coupon rate.

The bonds have maturity rate of 1% and would mature on June 30, 2027. The bonds will be fully convertible into 2,664,928 shares of the company at a fixed conversion price of KRW 16,886 per share from June 30, 2023 to May 31, 2027. The transaction has been approved by the board of directors of the company.

The subscription date of bonds is May 31, 2022 and the payment date is June 30, 2022. All securities issued in the transaction have a hold period of one year.