CJ Bioscience "Rights Offering Subscription Rate by Existing Shareholders 108.33%...Exceeded Target"

CJ Bioscience has exceeded the subscription rate for the rights offering to existing shareholders.

CJ Bioscience announced on the 11th that it recorded a subscription rate of 108.33% in the rights offering conducted for existing shareholders.

In this subscription, existing shareholders subscribed to a total of 3,503,029 shares out of the 3,233,830 shares offered. The number of oversubscribed shares was 536,782, with an oversubscription allocation ratio of approximately 0.49 shares per share. The largest shareholder, CJ CheilJedang, subscribed to about 120% of its allocated shares. Currently, CJ CheilJedang holds approximately 43.9% of CJ Bioscience's shares.

Since there were no forfeited shares and the odd-lot shares were underwritten by the lead manager NH Investment & Securities, no public offering subscription will be conducted. Subscribers who participated in the oversubscription will be allocated shares calculated by multiplying the number of oversubscribed shares by the allocation ratio. The new shares are scheduled to be listed on the 30th of this month.

A CJ Bioscience representative stated, "The oversubscription in this rights offering reflects shareholders' positive outlook and expectations for microbiome new drug development," adding, "The approximately 45.6 billion KRW secured through the rights offering will mainly be used for clinical development, platform technology development, and other research and development expenses."

CJ Bioscience CI. [Image provided by CJ Bioscience]