Panagene Inc. announced that it will issue series 5 bearer non-interest non-guaranteed private placement convertible bond for gross proceeds of KRW 7,100,000,000 and series 6 bearer non-interest non-guaranteed private placement convertible bond for gross proceeds of KRW 19,500,000,000 for aggregate gross proceeds of KRW 26,600,000,000 on June 21, 2023. The transaction will include participation from new investors Dayton Street Co., Ltd. for KRW 4,000,000,000, N Citron, Inc. for KRW 3,000,000,000, Kukdong Corporation for KRW 2,000,000,000, Oruminc.Co.,Ltd for KRW 2,000,000,000, AllKei Co., Ltd. for KRW 2,500,000,000, KR3 Co,. Ltd for KRW 3,000,000,000, individual investors Yeo, Haeng Soo for KRW 500,000,000, Yoo, Jung Seok for KRW 500,000,000, Lee, Min Seon for KRW 2,000,000,000 and Nomad No.

4 Combination for KRW 7,100,000,000. The bonds carry 0% interest rate. The series 6 bonds are fully convertible into 5,588,993 shares at a fixed conversion price of KRW 3,489 each and series 5 bonds are fully convertible into 2,034,967 shares at a fixed conversion price of KRW 3,489 each starting from July 18, 2024 till June 18, 2026.

The debenture maturity date is July 18, 2026. The bonds will have a hold period of one year from the date of issuance. The transaction has been approved by the board of directors of the company.

The subscription date is June 23, 2023 and expected payment date is July 18, 2023.