WOOJUNG BIO, Inc. (KOSDAQ:A215380) announced a private placement of 651,891 registered convertible preferred stock at a price of KRW 7,670 per share for gross proceeds of KRW 5,000,003,970 on July 31, 2020. The transaction will include participation from ST-Details 2020-3 Bio New Technology Association. The shares have a face value of KRW 500 per share. The shares have a conversion price of KRW 7,670 per share. The conversion period starts from August 14, 2021 and ends on August 14, 2025. The shares are issued at a discount of 10%. The transaction has been approved by the company's board of directors. The company expects to close the transaction on August 14, 2020.