UTI Inc. announced that it will receive 1,674,242 convertible preferred stock at an issue price of KRW 21,450 for the gross proceeds of KRW 35,912,490,900 on September 29, 2022. The transaction will include participation from Corning Hungary Data Services Kft. The company will issue the shares through third party allotment.

The shares are now convertible into 1,674,242 common shares with the conversion period from October 15, 2024 to October 15, 2028. The transaction has been approved by the board of directors of the company. The shares will have a holding period of one year.

The transaction is expected to close on October 14, 2022.