GeneOne Life Science Decides on 15 Billion Won Third-Party Paid-in Capital Increase... Largest Shareholder to Change to Revolt Investment Partnership

Nucleic acid-based biopharmaceutical R&D and contract development and manufacturing organization (CDMO) GeneOne Life Science has decided on a third-party allotment paid-in capital increase worth 15 billion won and is pushing for a change of its largest shareholder.

According to the Financial Supervisory Service's electronic disclosure system on the 5th, GeneOne Life Science announced that it has decided on a third-party paid-in capital increase of 15 billion won in total to raise operational and debt repayment funds.

The new shares issued through this capital increase are 6,224,066 common shares, with an issue price of 2,410 won per share. The target of the third-party allotment is Revolt Investment Partnership.

The scheduled payment date for the capital increase is September 30, 2026. Once the payment is completed, the largest shareholder of GeneOne Life Science will change from the existing Shared Growth Investment Partnership No. 1 (8.49% stake) to Revolt Investment Partnership (25.51% stake). All new shares issued this time will be subject to a one-year lock-up period.

GeneOne Life Science plans to use approximately 13.1 billion won of the raised funds for loans for its subsidiary VGXI's plant operating expenses and headquarters' operating funds, and the remaining 1.9 billion won to repay borrowings from Sangsangin Savings Bank.

Meanwhile, GeneOne Life Science disclosed the previous day that it had been hit with a 249 billion won damage lawsuit filed by its former CEO, and also announced the temporary suspension of its subsidiary VGXI's CDMO production in the first half of the year, as well as the delay in receiving the proceeds from the sale of its 1.5 billion won treasury convertible bonds (CB). The scheduled date for the delivery and listing of the new shares from this capital increase is October 16.