Jin Yang-gon, chair of the HLB Group, saw his elder and younger daughters, Director Jin Yu-rim (31) of HLB and Executive Director Jin In-hye (29) of Verismo Therapeutics, exercise conversion rights on convertible bonds (CBs) they held to acquire HLB Innovation shares.
HLB Innovation disclosed on the 4th that Executive Director Jin In-hye exercised conversion rights on CBs she held on the 2nd to newly acquire HLB Innovation shares. Director Jin Yu-rim also acquired 196,155 company shares in the same way.
A CB is a bond that grants the holder the right to convert the bond into shares at a certain point. When the conversion right is exercised, the bond is extinguished, and the company issues new shares according to the conversion price.
HLB Innovation is a key affiliate of the HLB Group, which grew based on the semiconductor components business. Through Verismo Therapeutics, its wholly owned U.S. subsidiary, HLB Innovation is developing a third-generation anticancer CAR (chimeric antigen receptor)-T therapy.
Earlier, Chair Jin Yang-gon bought 160,000 HLB Innovation shares on the market on the 30th of last month and on the 2nd of this month. The company said this increased the number of shares held by Jin and related parties by 552,310.
An HLB Innovation official said, "The acquisition of equity by the group's top decision-maker and major related parties is a symbolic example that demonstrates internal confidence in the company's mid- to long-term business direction." Director Jin Yu-rim was born in 1994, and Executive Director Jin In-hye was born in 1996.