L&C Bio Co., Ltd announced a private placement of series 2 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 60,000,000 on June 28, 2022. The transaction will include participation from Ascent-Meritz New Technology Finance Association No. 1. The bonds do not carry interest.

The bond maturity date is June 29, 2025. The bonds are fully convertible at a conversion price of KRW 34,200 per share into 1,754,385 common shares from June 29, 2023 to May 29, 2025. The subscription date and the payment date is June 29, 2022.