GenNBio Inc. announced a private placement of series 20 unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 15,000,000,000 and 11,169,024 common shares at issue price of KRW 1,343 for gross proceeds of KRW 14,999,999,232, for a total aggregate gross proceeds of KRW 29,999,999,232 on March 22, 2023. The transaction will include participation from JYC Inc. The series 20 bonds carry coupon rate of 0% and yield to maturity of 7% and will mature on April 28, 2026. The bonds are fully convertible into 9,146,341 common shares at a conversion price of KRW 1,640 per share and will be convertible from April 28, 2024 to April 28, 2026.

The transaction has been approved by board of directors of the company. The common shares will be allotted through third-party allotment of shares. The initial closing of transaction for common shares is expected on March 31, 2023.

The final tranche of transaction for convertible bond is expected to close on April 28, 2023.