Essen Tech Co., Ltd. announced a private placement of 23,000,000 common shares at the price of KRW 650 per share for gross proceeds of KRW 14,950,000,000 on November 21, 2023. The transaction will include participation from returning investor Daechang Co., Ltd. The company will issue shares of par value of KRW 500 per share through third party allocation capital increase method. The shares will be locked up for a period of one year.

Post closing, the total number of shares issued will increase from 72,000,000 shares to 95,000,000 shares. The transaction has been approved by board of directors of the company. The payment date for the transaction is December 6, 2023.