Grape King Bio Ltd (TSEC:1707) announced a private placement of not more than 11,851,000 common shares for gross proceeds of not more than TWD 2,014,670,000 on November 27, 2020. The transaction will include participation from new investor Uni-President Enterprises Corp. (TSEC:1216) to acquire 8% stake in the company.

The company will issue shares at a price not less than 80% of the higher price of the simple average closing price of the company's common shares for either 1, 3 or 5 trading days prior to the pricing date, or the simple average closing price of the company's common shares for 30 trading days prior to the pricing date. The transaction has been approved by the board of directors of the company and the investor, and is subject to approval in 1st 2021 special shareholders' meeting of the company to be held on January 14, 2021. All shares to be issued will be subject to a lock-up period of 3 years.

The transaction is expected to close within one-year from the date of shareholders' approval.