WOOJUNG BIO, Inc. announced a private placement of series 8 unsecured privately placed convertible bond with unregistered interest for gross proceeds of KRW 5,000,000,000 on May 25, 2023. The transaction will involve participation from new investor Korea Investment Re-Up II Fund, a fund managed by Korea Investment Partners Co. Ltd. The transaction has been approved by the board of directors.

The bonds to be issued will have a hold period of one year, post the closing. The bond will mature on May 31, 2027. The bonds will have surface interest rate of 0% and maturity rate of 4%.

The bonds are fully convertible at a price of KRW 3,143 per share into1,590,836 shares into 10.93% stake. The bonds conversion period starts from May 31, 2024 and ends on April 30, 2027. The transaction is expected to close on May 31, 2023.