SillaJen-M2N Sign Definitive Agreement for 60 Billion KRW Paid-in Capital Increase

[Asia Economy Reporter Seo So-jeong] SillaJen (CEO Ju Sang-eun and Shin Hyun-pil) announced on the 31st that it has signed a main contract for a third-party allotment paid-in capital increase worth a total of 60 billion KRW with M2N (CEO Kim Sang-won), which was selected as the preferred negotiation partner.

SillaJen will issue 18.75 million common shares to M2N at 3,200 KRW per share. The payment date is set for July 15.

SillaJen, whose stock trading has been suspended for over a year, received a stock valuation from an external evaluation agency (accounting firm) to determine the new share issuance price. The valuation ranged from 2,057 KRW to 3,200 KRW, and both companies decided to issue new shares at the upper limit price.

In addition, M2N decided to place all newly issued SillaJen shares under a three-year lock-up period.

A SillaJen official stated, "We will prepare for a new start with the signing of the main contract with M2N," adding, "Even after the main contract, we will strive to normalize trading and enhance shareholder value through close cooperation between the two companies."

An M2N official said, "We have taken a big step toward entering the global bio market," and added, "Our company and the U.S. bio company GreeFireBio will make various efforts to achieve mutual growth with SillaJen."

This content was produced with the assistance of AI translation services.