Nes Materials Corporation announced that it expects to receive KRW 21 billion in funding from Namhae Chemical Corporation, and other investors

Nes Materials Corporation announced a private placement of 300,000 common shares at a price of KRW 70,000 per share for gross proceeds of KRW 21,000,000,000 on February 8, 2022. The transaction will include participation from returning investor, Namhae Chemical Corporation to retain its 70% stake in the company for 210,000 shares for gross proceeds of KRW 14,700,000,000. The capital increase method is shareholder allocation increase.

The number of new stocks allocated per share (shares) is 1.5. The transaction was approved by the board of directors of the company. The subscription date and the payment date of the transaction is February 14, 2022.