HLB Life Science Co., Ltd. announced a private placement of 11th series of unregistered unguaranteed private convertible bonds for gross proceeds of KRW 8,300,000,000 on June 29, 2023. The transaction will include participation from new investor HLB Therapeutics Co.,Ltd. The bonds will be issued at par and will not carry coupon. The bonds have yield to maturity of 1% and would mature on July 4, 2028.

The bonds will be fully convertible into 813,406 shares of the company at a fixed conversion price of KRW 10,204 per share from July 4, 2024 to June 3, 2028. The transaction has been approved by the board of directors of the company. Securities issued in the transaction are subject to hold period of 1 year.

The subscription date of bonds is June 29, 2023. The transaction is expected to close on July 4, 2023.