Kumho Electric, Inc. announced a private placement of 3,318,870 common shares at a price of KRW 461 per share for the gross proceeds of KRW 1,529,999,070 on March 31, 2023. The transaction will include participation from individual investors, Jeon, Soon Ok for 433,839 shares, CHEI GEN DEK for 650,759 shares, Kim, Yong Goo for 65,075 shares and returning investor Polaris Bio Co., Ltd. for 2,169,197 shares representing 51% stake. The shares are restricted to a hold period of 1 year.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on April 10, 2023.