Pharosgen Co., Ltd. announced a private placement of 21,772 redemption convertible preferred stock of par value KRW 500 per share at an issue price of KRW 91,861 per share for gross proceeds of KRW 1,999,997,692 on May 9, 2023. The transaction will include participation from new investor Kyongbo Pharmaceutical Co., Ltd. The shares will be 100% convertible into common shares at conversion ratio of 2.93% at conversion value of KRW 91,861 starting from May 27, 2023 to May 25, 2033. The company will issue securities through third-party allocation increase method.

All securities to be issued will be subject to a lock-up period of one year. The transaction has been approved by the board of directors of the company and is expected to close on May 25, 2023.