StemLab Inc. announced a private placement of 789,474 convertible bond having par value of KRW 500 at the price of KRW 1900 per convertible for gross proceeds of KRW 1,500,000,600 on July 28, 2022. The transaction will include participation from associated company executives, including Choi, Jong-seok for 789,474,shares through third party allocation method. The shares will be locked up for a period of one year.

The payment date for the transaction is August 31, 2022. The transaction has been approved by the board of directors of the company.