Gemvaxlink Co., Ltd. announced a private placement to issue Series 16 Domestic Bearer-Type Non-Secured Private Convertible Bonds for the gross proceeds of KRW 30,000,000,000 on May 14, 2024. The transaction will include participation from new investor Hongkong Pony AI Limited for KRW 20,000,000,000 and Jun Peng for 10,000,000,000. The transaction has been approved by shareholders of the company, restricted to a hold period and is expected to close on August 14, 2024.

The bonds bear zero coupon rate and 3% maturity rate and matures on August 14, 2027. The bonds are 100% convertible into 9,296,560 shares at a fixed conversion price of KRW 3,227 from August 14, 2025 to July 14, 2027.