E Investment&Development Co., Ltd. announced a private placement of 15,832,805 common shares at an issue price of KRW 1,579 per share for gross proceeds of KRW 24,999,999,095 from returning investor Ehwa Technologies Information Co., Ltd. to hold 34.30% stake in the company on April 11, 2023. The company will issue share through paid-in capital increase by 3rd party allocation. The transaction has been approved by the board of directors of the company.

The transaction is expected to close on April 19, 2023.