KPM TECH Co., Ltd. announced a private placement of 10,526,315 common shares at a par value of KRW 100 per share at a price of KRW 950 per share for gross proceeds of KRW 9,999,999,250 on March 23, 2022. The transaction will involve participation from returning investor TELCON RF PHARMACEUTICAL. Inc. to acquire 23.27% stake in the company.

Post closing, the number of 25,815,586 shares of TELCON RF PHARMACEUTICAL. Inc., the largest shareholder of the company, will increase to 36,341,901 shares. The common shares will be issued by a way of third party allotment.

The expected payment date for the transaction is March 31, 2022. The common shares will be subject to a lock up period of 12 months. The transaction has been approved by the board of directors of the company.