Plumbline Life Sciences, Inc. announced a private placement of series 7 Unsecured privately placed convertible bonds with bearer interest for a gross proceeds of KRW 500,120,000 on October 23, 2023. The transaction will include participation from Gyun Shin for KRW 500,120,000. The bonds have maturity rate of 0%.

The bonds will mature on October 24, 2026. The bonds will be 100% converted into 80,925 common shares at a fixed conversion price of KRW 6,180 per share for an equity stake of 2.34%. The conversion period is from October 24, 2024 to September 24, 2026.

The payment date of the transaction is October 24, 2023. The transaction has been approved by the board of directors of the company.