GenoFocus, Inc. announced that it expects to receive KRW 10 billion in funding
August 20, 2020
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GenoFocus, Inc. (KOSDAQ:A187420) announced private placement of series 3rd unregistered nonguaranteed private convertible bond for gross proceeds of KRW 10,000,000,000 with K2 Expedio Fund on August 21, 2020. The bonds carry a surface interest rate of 0% and interest to maturity of 3%. The bonds will mature on August 24, 2025. The bonds can be 100% converted into 1,470,804 shares representing 6.65% stake at a fixed conversion price of KRW 6,799 per share from August 24, 2021 to July 24, 2025. The transaction is expected to close by August 24, 2020. The transaction has been approved by the board of directors of the company.
GenoFocus, Inc. is a Korea-based company principally engaged in the development, manufacture and distribution of enzymes. The Company mainly manufactures catalases, lactase, phytases and other enzymes. The catalases are mainly used for industry, including processing of semiconductors, petroleum and propylene oxide, medical therapeutics, food processing, contact-lens and other industries. The lactases are mainly used for food processing including processing of milk, yogurt and milk serum. The phytases are mainly used for processing of animal feed. And the Company is exploring new businesses, engaged in development of other enzymes including therapeutic enzymes, chemical agents and others.