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GW Biotech announces, "Baek Ok-saeng Korea participates in paid-in capital increase... Ascends as the new largest shareholder."

Two new directors, including CEO Lee Mi-young of Baek Ok-saeng Korea, newly appointed.

GW Biotech (CEO Yang Jae-won) announced on the 18th that it has decided to appoint new directors as Baek Ok-saeng Korea participates in a third-party allocation paid-in capital increase for management participation.

With the formalization of Baek Ok-saeng Korea's participation in the paid-in capital increase, GW Biotech held an emergency board meeting to decide on holding a temporary shareholders' meeting. It confirmed the agenda for the shareholders' meeting to appoint three directors (two internal directors and one external director), including Professor Lee Mi-young from Kyungbuk Provincial University, recommended by Baek Ok-saeng Korea.

Professor Lee Mi-young is also the current representative of Baek Ok-saeng Korea.

Baek Ok-saeng Korea is recognized as an oriental herbal cosmetics company that was the first in the world to be listed in the Guinness Book of Records for its 'organic' products. Its strengths include owning the original technology for oriental herbal cosmetics and being registered with the U.S. Food and Drug Administration (FDA) for organic products. The company has established a sales network with more than 300 stores nationwide.

A representative from GW Biotech stated, "By participating in this paid-in capital increase of Baek Ok-saeng Korea, we have gained momentum for management participation, which will also bolster our expansion of global scientific equipment distribution and the promotion of new business ventures."

GW Biotech decided at a board meeting at the end of April last year to carry out a third-party allocation paid-in capital increase amounting to 17 billion won. The third-party assignee has now changed from the Korea Pharmaceutical Technology Value Fund Association to Baek Ok-saeng Korea. Baek Ok-saeng Korea is expected to become the largest shareholder of GW Biotech through this third-party allocation paid-in capital increase.

The current largest shareholder is Glow Whale, holding 11.58% of the shares. If Baek Ok-saeng Korea pays in the paid-in capital of 17 billion won by the 31st, it will acquire 28,911,564 new ordinary shares (a 31.61% stake) through the issuance of new shares. Previously, GW Biotech had changed its largest shareholder from Jeju Star Tour to Glow Whale in July 2020 due to a transfer of management rights through the issuance of new shares.


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