SyntekaBio, Inc. announced a private placement to issue Series 3 Bearer Interest Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 10,000,000,000 on March 28, 2024. The transaction will include participation from new investor Korea Investment Re-Up Fund II managed by Korea Investment Partners Co. Ltd. The bonds bear zero coupon and bears 3% maturity rate and matures on April 26, 2027.

The bonds are 100% convertible into 867,001 shares at a fixed conversion price of KRW 11,534 from April 26, 2025 to March 26, 2027. The transaction has been approved by the shareholders, restricted to a hold period and is expected to close on April 26, 2024.