Ecovance Co., Ltd announced that it will issue 2,360 common shares at a price of KRW 10,000,000 per share for gross proceeds of KRW 23,600,000,000 on April 27, 2022. The transaction will include participation from existing investor SKC Co., Ltd. for 580 shares other investors LX International Corp. for 940 shares, and Daesang Corporation for 840 shares.

The company will receive funding through third party allotment of capital. The transaction has been approved by board of directors of the company and is expected to close on April 29, 2022.