Corentec Co., Ltd announced a private placement of 102,214 common shares of par value KRW 500 per share at an issue price of KRW 11,740 per share for gross proceeds of KRW 1,200,000,000 on May 9, 2023. The transaction will include participation from new investor Hwan-woo Cho. The company will issue securities through third party allotment method.

All securities to be issued will be subject to a lock-up period of one year. The transaction has been approved by the board of directors of the company and is expected to close on May 17, 2023.