GEMVAX Link Secures Investment Funds for Autonomous Driving Business through Self-Bond Sale

GemVax Link announced on the 30th that it completed the sale of its own bonds (the 12th and 13th private convertible bonds) worth 17.5 billion KRW (face value) for approximately 19.9 billion KRW on the 29th.

The company plans to invest the cash secured through this bond sale into its ongoing autonomous driving business.

Earlier this year, GemVax Link announced a collaboration with the global autonomous driving specialist Pony.ai and raised 39.1 billion KRW through a paid-in capital increase. Additionally, in August, it plans to issue convertible bonds worth 70 billion KRW with participation from Pony.ai and others.

Once the three convertible bond issuances scheduled for August are completed, GemVax Link will have secured approximately 134.7 billion KRW in cash this year through investments such as paid-in capital increases and convertible bonds totaling about 109.1 billion KRW, and sales of treasury stock and own bonds amounting to about 25.6 billion KRW. Among these, Pony.ai's investment amount is 35 billion KRW.

A representative from GemVax Link stated, “We have secured sufficient capital to establish an environment where we can actively operate new businesses in the future,” adding, “We will do our best to ensure the successful settlement of the autonomous driving business and strive to enhance shareholder value.”

Meanwhile, GemVax Link plans to change its company name to ‘PonyLink Co., Ltd’ through an extraordinary general meeting of shareholders on June 10, and is accelerating its autonomous driving business by receiving autonomous driving test vehicles at its hub located in Bundang-gu, Seongnam, Gyeonggi Province.

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