OLIPASS Corporation announced a private placement of 636,265 convertible shares at an issue price price of KRW 4,715 for the gross proceeds of KRW 2,999,989,475 on December 13, 2022. The transaction will include participation from BNB Asset Co., Ltd. and 4 individual investors. The preferred shares are converted to common shares after one year from the issuance date.

The transaction is expected to close on December 19, 2022.