Access Bio, Inc. announced a private placement of series 5 registered non-interested private convertible bonds for gross proceeds of KRW 30,000,000,000 on November 25, 2021. The transaction will include participation from returning investor, Meritz Securities Co., Ltd. The bonds will carry 3% surface interest rate and maturity rate of 3%. The bonds will mature on December 10, 2024.

The bonds are fully convertible at a fixed conversion price of KRW 16,348 per share into 1,835,086 common shares representing 5.05% stake in the company. The conversion period for the bonds is from December 10, 2022 to December 09, 2024. The transaction is expected to close on December 10, 2021.

The bonds issued in the transaction will have a hold period of one year. The transaction has been approved by the board of directors of the company.