Bio Protech Inc. announced a private placement of 454,545 registered convertible redeemable preferred stock of par value KRW 500 per share at an issue price of KRW 1,100 per share for gross proceeds of KRW 499,999,500 on November 25, 2022. The transaction will include participation from Honest Smartcity Hightech Fund. The preferred shares are redeemable, bear fixed interest rate of 1% per annum, and are convertible into common shares of the company at a fixed conversion price of KRW 1,100 per share from December 12, 2024 to December 12, 2032.

The total number of common shares and preferred shares issued before the transaction was 14,665,398 and 4,626,606, respectively. The company is raising the funding through third party allotment method. The subscription date is November 25, 2022, and the payment date is December 12, 2022.