Bridge Biotherapeutics to Raise 25 Billion Won Externally... New Largest Shareholder Is U.S. Hedge Fund

KOSDAQ-listed Bridge Biotherapeutics will raise a total of 25 billion won in external funding. The largest shareholder will also change to a U.S.-based hedge fund specializing in virtual assets.

On June 20, Bridge Biotherapeutics announced that it had decided to conduct a third-party allotment capital increase to raise a total of 25 billion won for operating and other funds.

The funds raised through the third-party allotment capital increase will be allocated as 4 billion won for operating funds and 16 billion won for other funds. To achieve this, 30,627,872 new common shares will be issued at 653 won per share. The recipients of the third-party allotment are Parataxis Korea Fund and its related parties, and the largest shareholder will also be changed accordingly.

Bridge Biotherapeutics will also issue 5 billion won in unsecured privately placed convertible bonds to Parataxis Korea Fund. Upon conversion, 6,337,135 new common shares, representing 10.83% of the total number of shares, will be issued. The conversion request period will run from June 30, 2026 to June 29, 2028.

Parataxis Korea Fund, established in 2019, is an affiliate of Parataxis Capital Management, a U.S. hedge fund specializing in virtual assets and headquartered in New York. Parataxis is led by founder and CEO Edward Chin.