Animal immune antibody specialist ADBIOTECH is seeing strong stock prices in early trading on the 9th. The influx of buying is interpreted as a response to the news that it will issue 10 billion won in convertible bonds (CB) to secure clinical funding.
As of 9:18 a.m. on that day, ADBIOTECH's stock is trading at 2,485 won, up 570 won (29.77%) from the previous trading day. Shortly after the opening, ADBIOTECH went straight to the ceiling price (the upper limit of the daily price restriction).
ADBIOTECH announced that it will issue the 7th round of CBs worth 10 billion won before the regular session starts on that day. The bond maturity date is July 3, 2030, and the conversion price is 1,865 won per share. GOLix has been selected as the issuer.
The company stated that it plans to use the funds secured from the CB issuance for clinical expenses and others. An ADBIOTECH representative noted, "We selected GOLix as the issuer after considering the company's operational funding needs, payment capabilities, and timing."