OliX Pharmaceuticals announced on the 23rd that a global hedge fund management institution based in the United States acquired bonds worth approximately 10.1 billion won through the exercise of the callable rights.
OliX Pharmaceuticals issued convertible bonds (CB) worth 14.7 billion won on March 21 last year. At that time, the conversion price was 16,283 won per share, and the issuance company's (OliX Pharmaceuticals) callable rights for a maximum of 30% of the convertible bonds were included.
Due to the stock price movement that rose to 40,000 won within about a year, the company decided to secure profits from the resale of the convertible bonds and fully exercised the callable rights to acquire the convertible bonds for about 4.6 billion won. As a result, OliX Pharmaceuticals secured more than double the revenue from resale.
If the hedge fund management institution converts the convertible bonds into stocks, the company will be able to completely eliminate the cumulative mezzanine issued since its listing.
OliX Pharmaceuticals stated that it plans to use the funds secured through the resale for research and development and expanding global partnerships.