KoBioLabs, Inc announced a private placement of 544,960 common shares at issue price of KRW 18,350 per share for gross proceeds of KRW 10,000,016,000 on March 29, 2022. The transaction will include participation from E-MART Inc. The transaction has been approved by the board of directors of the company. The transaction is expected to close on April 6, 2022.

The shares to be issued shall have a lock up period of one year from closing of the transaction.