Moogene Medi Co., Ltd. announced a private placement of 60,000 registered redeemable convertible preferred shares at a price of KRW 5,000 per share for gross proceeds of KRW 300,000,000 on April 7, 2022. The transaction will include participation from MTI Start-up 320 Fund, a fund managed by MAGELLAN Technology Investment, Co., Ltd. The company will receive funding through third party allotment of capital. The preferred shares are convertible into common shares from April 16, 2022 to April 16, 2032.

The transaction has been approved by the board of directors of the company and is expected to close on April 15, 2022. The securities issued will be subject to restriction period of one year from issuance.