Abion Inc. announced a private placement to issue Series 5 Bearer-Bearing Interest-Bearing Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 19,000,000,000 on April 18, 2024. The transaction will include participation from new investors Sangsangin Savings Bank for KRW 12,000,000,000, Sangsangin Plus Savings Bank Co., Ltd. for KRW 5,000,000,000 and Telcon RF Pharmaceutical Co., Ltd. for KRW 2,000,000,000. The transaction has been approved by the shareholders, expected to close on April 19, 2024 and restricted to a hold period.

The bonds bear 2% coupon rate, 6% maturity rate and matures on April 19, 2027. The bonds are 100% convertible into 3,111,693 shares at a fixed conversion price of KRW 6,106 from April 19, 2025 to March 19, 2027.