NovMetaPharma Co., Ltd. announced that it will issue 283,162 convertible preferred share par value KRW 500 per share at a price of KRW 11,654 per share for gross proceeds of KRW 3,299,969,948 on March 7, 2023. The transaction will include participation from Selenion Special Situation General Private Equity Investment Trust No. 1 for 171,614 shares, Road First Bio Private Equity Fund, a fund managed by Road Jeilho Bio Private Equity Joint Venture Company for 68,645 shares and Midas Donga-NVC 2022 Marine New Industry Investment Fund for 42,903 shares.

Each preferred share is convertible into one common stock of the company. The conversion period will start from March 30, 2023 and ends on March 29, 2030. The company will issue the preferred shares through third party allotment.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on April 12, 2023. The transaction is subject to approval of the shareholders in the general shareholders' meeting.