Lotus Cars Korea Corp announced that it will issue 60,000 common shares at a issue price of KRW 66,667 for gross proceeds of KRW 4,000,020,000, and 40,000 common shares at a issue price of KRW 100,000 for gross proceeds of KRW 4,000,000,000 for aggregate gross proceeds of KRW 8,000,020,000 on September 25, 2023. The transaction will include participation from new investor Kolon Mobility Group Corporation. The company will raise the money ion the form of tranches.

The first tranche of 60,000 common shares at a issue price of KRW 66,667 for gross proceeds of KRW 4,000,020,000, will be raised on September 27, 2023, and second tranche of 40,000 common shares at a issue price of KRW 100,000 for gross proceeds of KRW 4,000,000,000 will be raised in November, 2023. The transaction has been approved by the board of directors of the company. The transaction is expected to close in November 30, 2023.

The company will raise money through share allocation method.