AbClon Inc. announced that it expects to receive KRW 11.999976975 billion in funding from Quad Investment Management Corp.

AbClon Inc. announced a private placement of 1,188,705 registered convertible preferred stock at the price of KRW 10,095 per preferred share for gross proceeds of KRW 11,999,976,975 on July 26, 2022. Each preferred stock is convertible into one common stock starting from September 23, 2023 to September 22, 2027 at a price of KRW 10,095 per preferred share. The expected payment date is September 22, 2022.

The transaction has been approved by the board of directors of the company. The transaction will include participation fromFocus SY Castle KOSDAQ Venture General Private Equity Trust No. 1 for 59,435 preferred stock, Focus Expert KOSDAQ Venture General Private Equity Trust No.

1 for 29,717 preferred stock, Focus Super Rich KOSDAQ Venture General Private Equity Trust No. 6 for 19,811 preferred stock, Focus Unicorn KOSDAQ Venture General Private Equity Trust No. 2 for 89,153 preferred stock, and Quad Investment Management Corp.

for 990,589 preferred stock. The preferred shares are subject to a hold period of one year. The securities are issued at a discount of 10%.