KoBioLabs, Inc announced a private placement of 2nd non-guaranteed private convertible bonds with bearer type interest part for gross proceeds of KRW 2,350,000,000 and 213,793 registered convertible preference shares at a price of KRW 21,750 per share for gross proceeds of KRW 4,649,997,750 for aggregate gross proceeds of KRW 6,999,997,750 on December 21, 2021. The transaction will include participation from IBK-Stonebridge Innovative Growth PEF, a fund managed by Stonebridge Ventures Inc. and Industrial Bank of Korea, Investment Arm for bonds. The company expects to close the transaction for shares on December 29, 2021 and for bonds on December 30, 2021.

The bonds bear no coupon and maturity rate, with maturity rate of December 30, 2026. The bonds are 100% convertible into 93,069 shares representing 0.52% stake at a conversion price of KRW 25,250 from December 30, 2022 to November 30, 2026. The transaction was approved by the board of directors of the company.