Gennbio Inc.on Wednesday announced that it will sell stock to raise 16 billion won (US$12.6 million). The proceeds from the stock offering will be used primarily to pay off its debts.
According to a regulatory filing, the company will issue some 28.58 million common shares at a price of 560 won per share. The stock will be sold to the investors that the firm designated.
Source: Yonhap News Agency