3billion, an artificial intelligence (AI)-based rare genetic disease diagnostics company, rose more than 8% in early trading on the 24th. Buyers piled in after news broke that it had secured a 30 billion won investment.
As of 10:14 a.m. on the 24th, 3billion was trading at 13,560 won on the KOSDAQ market, up 1,050 won (8.39%) from the previous session.
The previous day, the company said it had raised a 30 billion won investment to enter the global market and secure future growth engines. The deal consists of 17.5 billion won in convertible preferred shares (CPS) and 12.5 billion won in convertible bonds (CB). Major domestic institutions including Kiwoom Private Equity (PE), Kiwoom Securities, GVA Asset Management, IBK Industrial Bank of Korea, and Meritz Securities participated.
The convertible bonds (CB) issued this time were set with both a coupon rate and a yield to maturity of 0%. The company said it was able to raise funds with no interest even in a high-rate environment, based on the market's confidence in its AI technology and future growth potential.
The CPS issue price and the CB conversion price were both set at 12,501 won. The CB conversion period runs from May 2027 to Apr. 2031.
3billion plans to concentrate the newly secured funds on three growth pillars: ▲ building business infrastructure and expanding sales and marketing in the U.S. market ▲ expanding genetic testing services for non-patient customers ▲ accelerating preclinical validation of its AI-based drug pipeline.