Seoul: GemVax Co. on Friday announced that it will sell stock to raise 248.6 billion won (US$178.7 million). The proceeds from the stock offering will be used primarily to finance its operations.
According to Yonhap News Agency, a regulatory filing revealed that the company will issue 6.7 million common shares at a price of 37,100 won per share. The stock will be sold to the firm's shareholders.