WOOJUNG BIO, Inc. announced a private placement of 2,047,777 convertible preferred stock at a price of KRW 4,395 per share for gross proceeds of KRW 8,999,979,915 on May 17, 2022. The transaction will include participation from Mercury Kosdak Venture B6 General Private Equity Trust, Mercury Kosdak Venture T3 General Private Equity Trust (Professional Investor), Mercury Kosdak Venture T2 General Private Equity Trust, Mercury Kosdak Venture B9 General Private Equity Trust, Mercury Kosdak Venture B11 General Private Equity Trust and Mercury Kosdak Venture T1 General Private Equity Trust (Professional Investor), funds managed by Mercury Asset Management Co., Ltd. for 910,122 convertible preferred stocks, Time Folio It's Time-MG No. 2 Ordinary Private Equity Investment Trust and It's Time-Mezzanine I Private Equity Investment Trust, funds managed by Timefolio Asset Management Co., Ltd for 455,062 convertible preferred stocks and Ryan Blue Kosdak Venture Professional Investment Private Equity Trust No.

3 and Ryan Blue Kosdak Venture General Private Equity Trust No. 4, funds managed by Ryan Asset Management Co., Ltd. for 682,593 convertible preferred stocks. The shares have a face value of KRW 500 per share.

The shares have a conversion price of KRW 4,395 per share. Convertible preferred stocks are convertible, cumulative and participating. The shares carry a fixed cumulative dividend rate of 1% per annum.

The conversion period starts from May 26, 2023 to May 26, 2027. The shares are issued at a discount of 10%. The transaction has been approved by the company's board of directors.

The company expects to close the transaction on May 25, 2022. The shares are subject to a hold period of one year from the date of issue.