Sound Vaccine Secures KRW 180,000,000,000 Capital Commitment from GEM as Company Seeks to Get Uplisted on KOSDAQ
SEOUL, SOUTH KOREA--(Business Wire / Korea Newswire) June 14, 2023 -- Sound Vaccine, Inc., (“Sound Vaccine”), a leading manufacturer of advanced hearing medical systems and patented hearing healthcare products, is pleased to announce that it has signed an agreement (“Agreement”) with GEM Global Yield LLC SCS (“GGY”), the Luxembourg-based private alternative investment group, to provide Sound Vaccine with a share subscription facility of up to KRW 180,000,000,000 for a 36-month term following June 8, 2023. The share subscription facility will allow Sound Vaccine to draw down funds by issuing ordinary shares to GEM. Sound Vaccine will control the timing and the maximum size of such drawdowns and has no minimum drawdown obligation. Sound Vaccine will issue warrants to GEM to purchase up to 2.7% of the issued ordinary shares of the company. Farazad Investments, a leading advisory services group headquartered in Hong Kong with offices in London advised Sound Vaccine on the transaction.
About Sound Vaccine
Sound Vaccine, Inc. specializes in the research, development, and manufacturing of advanced hearing medical systems and hearing healthcare products patented in the US, Japan, Europe, and many other developed regions. Its flagship innovations are clinically proven by Stanford University School of Medicine.
Founded in 2016, Sound Vaccine has emerged as one of the leading names in the hearing industry. A vast multitude of patents has been filed regarding its innovative TSC (Threshold Sound Conditioning) and MDA (Multi-Dimensional Audiometry) technologies.
Sound Vaccine developed the world's first non-invasive hearing improvement technology using acoustic signals for each frequency band. Through this verified invention, they revolutionized the hearing industry with a wide range of products catering for not only hearing loss patients but also people with normal hearing and wish to prevent hearing loss and improve their golden ear.
“We are thrilled to announce our recent commitment of 180 billion KRW from GEM. This investment not only underscores the tremendous potential of Sound Vaccine but also highlights the confidence and trust that GEM has in our ground-breaking technologies and transformative vision. With this strategic partnership that dramatically increases Sound Vaccine’s valuation, we are well-positioned to accelerate our growth and solidify our position as a pioneering force in the auditory healthcare industry. We are excited about the opportunities ahead and remain committed to delivering innovative solutions that will positively impact the lives of millions worldwide.” - Said Eunyee Kwak, CEO of Sound Vaccine.
Global Emerging Markets (“GEM”) is a $3.4 billion, alternative investment group with operations in Paris, New York, and The Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 580 transactions in 75 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile.
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Sound Vaccine, Inc.
Farazad Investments (Advisors)
This is a news release distributed by Korea Newswire on behalf of this company.