On the news that KOSDAQ-listed company The Biomed has embarked on a large-scale fundraising, the stock price showed strength in early trading on the 11th.
As of 9:38 a.m. on that day, The Biomed was trading at 6,850 won, up 1,430 won (26.38%) from the previous trading day.
The in vitro diagnostic medical device company The Biomed announced that it has decided to issue 10th and 11th convertible bonds totaling approximately 7.4 billion won before the regular market opened on that day. The 10th convertible bond, worth 2.432 billion won, is to be used for debt repayment. This convertible bond was subscribed by MiCo.
The 11th convertible bond, worth 5 billion won, is planned to be used for operating funds, and was issued in amounts of 4 billion won to the investment company eSpace Investec and 1 billion won to Ms. Kim Eun-jung. The conversion price for both convertible bonds is 5,331 won.
The Biomed stated, "We decided to issue convertible bonds to cover overall operating costs, interest on borrowing funds, and unpaid debt repayment."