PanGen Biotech Inc. announced a private placement of series 3 Unregistered coupon unguaranteed private convertible bond for proceeds of KRW 3,200,000,000 on April 18, 2023. The transaction will include participation from Eugene Investment & Securities Co.,Ltd. and Fund 1 and Fund 2, a fund managed by Samsung Securities Co., Ltd. The bonds will carry zero coupon rate and maturity rate of 2% and will mature on April 20, 2027. The bonds are 100% convertible into 538,901 equity shares at an conversion price of KRW 1,233 per share.

The bonds will start conversion from April 20, 2024 and will end on March 20, 2027. The transaction is expected to close on April 20, 2023. The transaction was approved by the board of directors of the company.