NovMetaPharma Co., Ltd. announced a private placement of 206,860 convertible preferred stock at an issue price of KRW 18,370 per share for gross proceeds of KRW 3,800,018,200 on November 11, 2021. The transaction will include participation from Korea UTC Bio Healthcare Venture Investment Association for 163,310 shares and Heungkuk Life Insurance Co., Ltd. for 43,500 shares. The conversion period for preferred shares is from November 20, 2021 to November 19, 2028.

The transaction is expected to close on November 19, 2021. The company will raise funding through third-party allotment method. The transaction has been approved by the board of directors of the company.

The shares issued are subject to restriction period of one year.