Gemvaxlink Co., Ltd. announced a private placement to issue Series 15 Domestic Bearer-Type Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 10,000,000,000 on February 27, 2024. The transaction will include participation from new investor Gem&Company. The bonds are 100% convertible into 3,738,317 shares at a fixed conversion price of KRW 2,675 from June 3, 2025 to May 3, 2027.

The bonds bear 0% coupon rate and 1% maturity rate and matures on June 3, 2027. The transaction has been approved by the shareholders of the company and is expected to close on June 7, 2024. The securities are restricted to a hold period.