StemLab Inc. (XKON:A258540) announced a private placement of 250,000 registered participatory cumulative redeemable convertible preferred shares at a price of KRW 16,000 per share for gross proceeds of KRW 4,000,000,000 on February 24, 2021. The company is raising funding through third party allocation. The transaction will include participation from Sky Fund for 125,000 shares and Aimed Bio Co., Ltd. for 125,000 shares. The preferred stocks have a face value of KRW 500 per share issued at a discount of 4.12% to the base price of KRW 16,687. The preferred shares convertible into common shares at a conversion ratio of 1:1 starting from March 4, 2021 to March 3, 2031. The repayment period for preferred stock will be from March 4, 2024 to February 3, 2031 and are redeemable at KRW 16,000 per share. The payment share of the transaction is expected to be March 4, 2021 with a dividend rate of 1% of the issuance price for each business year starting with dividend date of January 1, 2021 and are expected to be issued on March 23, 2021. The transaction has been approved by the board of the company.