April Bio Founder Sells 1.77M Shares for $437M, Reducing Stake to 11.34%

According to South Korea's Financial Supervisory Service disclosure system, April Bio founder Cha Sang-hoon sold 1.77 million shares to IMM Asset Management and IMM Scale-up Bio No. 1 on June 24. The transaction totaled approximately 437 million dollars (582 billion Korean won) at 32,890 Korean won per share. IMM Asset Management acquired 1.062 million shares while IMM Scale-up Bio No. 1 acquired 708,000 shares. Cha's ownership stake decreased from 18.96% to 11.34%, while remaining a major shareholder. The transaction follows April Bio's recent decision to raise 3.468 trillion Korean won from IMM and TKG Group to fund research and development operations.
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