TELCON RF PHARMACEUTICAL. Inc. announced a private placement of series 19 bearer-type interest-free unsecured private placement convertible bonds for a gross proceeds of KRW 6,000,000,000 on December 26, 2023. The transaction will include participation from new investor Abion Inc. The bonds will mature on December 27, 2026.

The bonds will be 100% converted into 6,896,551 common shares at a fixed conversion price of KRW 870 per share for an equity stake of 5.61%. The conversion period is from December 27, 2024 to November 27, 2026. The securities issued in the transaction are subject to a lock up period of one year.

The transaction has been approved by the board of directors of the company.