Moogene Medi Co., Ltd. announced a private placement to issue 1,029,411 Registered redeemable convertible preferred stocks at an issue price of KRW 3,400 for the gross proceeds of KRW 3,499,997,400 on December 7, 2023. The transaction will include participation from new investors Miracle & Partners Co., Ltd. for 588,235 shares for KRW 1,999,999,000 and Belight Investment for 441,176 shares for KRW 1,499,998,400. The company will receive funding through third party allotment.

The preferred shares are 100% convertible into 1,044,116 common shares at a conversion price of KRW 3,400 per share starting from December 16, 2024 to December 15, 2033. The transaction has been approved by the board of directors of the company and transaction is expected to close on December 15, 2023.