Kangstem Biotech's Rights Offering Subscription Rate by Existing Shareholders Exceeds 99%

[Asia Economy Reporter Park Hyungsoo] Kangstem Biotech announced on the 15th that the subscription rate for existing shareholders exceeded 99% in the two-day paid-in capital increase subscription held from the 13th to the 14th.

According to the Financial Supervisory Service's electronic disclosure system, Kangstem Biotech achieved a subscription rate of 99.04% for existing shareholders. Kangstem Biotech secured approximately 38.6 billion KRW out of a total of 39 billion KRW in subscription funds. The number of shares subscribed by existing shareholders who received new share warrants was counted at 10,640,410 shares.

The number of forfeited shares was 118,848, accounting for 0.96% of the total volume. The general public offering will be conducted over two days from the 18th to the 19th, with a fixed issue price of 3,150 KRW per share.

In the existing shareholder subscription, Kang Kyung-sun, the founder and largest shareholder as a technical advisor, participated in the subscription for 371,515 shares. When the new shares are listed, the largest shareholder's stake will slightly change from the previous 7.5% to 6.1%.

Kangstem Biotech plans to use 37.7 billion KRW of the raised funds for the Phase 3 clinical trial of the atopic dermatitis treatment (Furestem-AD Inj.) and subsequent pipeline clinical trials. The remaining 1.3 billion KRW will be invested in research and development (R&D) expenses and operating costs.

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