TELCON RF PHARMACEUTICAL. Inc. (KOSDAQ:A200230) announced a private placement to issue series 14 non-guaranteed private equity convertible bonds for gross proceeds of KRW 18,000,000,000 on June 4, 2020. The transaction will include participation from returning investor Hanil Vacuum Co., Ltd. (KOSDAQ:A123840) and new investor Hanil Investment Co., Ltd. for KRW 9,000,000,000 each. The bonds carry a coupon rate of 5% and will mature on June 8, 2023. The bonds are 100% convertible into 3,609,384 shares at a conversion price of KRW 4,987 per share which represents 4.05% stake in the company. The conversion period starts from June 8, 2021 and ends at May 8, 2023. The transaction is expected to close on June 8, 2020. The transaction has been approved by the board of the directors.

On June 30, 2021, the company announced that the conversion price is now KRW 4,545 and bonds will be convertible into 3,960,396 shares of the company.

On November 30, 2021, the company announced that the conversion price is now KRW 2,846 and bonds will be convertible into 6,324,666 shares of the company.

On February 28, 2022, the company announced that the bonds will be now convertible into 6,713,417 shares at a price of KRW 2,139 per share.