U-Tech Co., Ltd. announced a private placement of 6,500,000 common shares at an issue price of KRW 2,000 per share for the gross proceeds of KRW 13,000,000,000 on February 7, 2023. The transaction will include participation from Ilwoul Co., Ltd. and individual investors, Kwangmo Lee, Youngdong Kim, Hyunjung Lee and Jinah Lee for 1,000,000 shares each. The shares are allotted through 3rd party allocation increase method.

The shares have a holding period of 1 year. The transaction has been approved by shareholders of the company. The transaction is expected to close on March 30, 2023 The transaction of 1,500,000 shares is expected to close on February 15, 2023 and have restricted period of 2 years.

The transaction of 1,500,000 shares will include participation from Ilwoul Co., Ltd. for 1,500,000 shares.