Novacell Technology Inc. announced a private placement of 200,000 common share at an issue price of KRW 5,000 per share for gross proceeds of KRW 1,000,000,000 on March 23, 2020. The transaction was approved by the board of directors of the company. The transaction is expected to close on April 6, 2020.

The transaction include participation from G Enone Energy Co., Ltd. for all the securities issued in the transaction. The securities are issued through third party allotment.