Founder Sangwoo Park, actively participates in investment, eager for Nasdaq milestone.
In an exciting development, NKMax has successfully raised a substantial investment of .1 million (13.5 billion won) for its U.S. subsidiary, currently in the process of listing on Nasdaq. The decision was announced following a board meeting held on September 11th, where NKMax resolved to issue .6 million (7.5 billion won) worth of convertible bonds with warrants (BW), specifically targeting President Sangwoo Park. This move follows their earlier achievement of raising .4 million (8.5 billion won) through the issuance of convertible bonds (CB).
Of the raised funds, .9 million (2.5 billion won) will be allocated for operational purposes, while .8 million (5 billion won) is earmarked for acquiring a stake in their U.S. subsidiary, NKGen Biotech, INC. The BW subscription date is set for September 13th.
Out of the funds acquired, .9 million (2.5 billion won) will be allocated to operational purposes, while .8 million (5 billion won) has been earmarked for acquiring a stake in their U.S. subsidiary, NKGen Biotech, INC. Mark your calendars for the BW subscription date, which is set for September 13th.
Notably, Sangwoo Park, the founder and president of NKMax, played an active role as the largest shareholder in this BW issuance, offering substantial support. Furthermore, the absence of a put option ensures minimal financial repayment obligations for the company.
NKGen Biotech is currently pursuing a Nasdaq listing through a merger with the Special Purpose Acquisition Company (SPAC) known as Graf Acquisition CORP IV in the United States, referred to as Graf. The listing, previously pending approval from Graf's shareholders, experienced a schedule delay due to the capital raised by NKGen Biotech.
With this recent influx of capital, NKGen Biotech's Nasdaq listing is expected to reach its conclusion in the near future. The total investment secured by NKMax for NKGen Biotech, including funds raised from the convertible bond issuance on September 8th (with the payment date set for September 12th), now stands at .1 million (13.5 billion won).
President Sangwoo Park expressed his enthusiasm for the Nasdaq listing, stating, "The Nasdaq listing of our U.S. subsidiary will be a crucial milestone in advancing NK cell therapies through global clinical trials." He also added, "We anticipate the listing's finalization following shareholder approval at the upcoming Graf shareholder meeting."