Neo Cremar Co., Ltd. announced a private placement of 1,277,956 registered convertible preference shares at an issue price of KRW 15,650 per share for gross proceeds of KRW 20,000,011,400 on May 31, 2022. The transaction will include participation from new investor Alia Fund. The payment date is September 30, 2022.

The preferred stock is convertible into common shares of the company after five years from the date of issuance. The transaction has been approved by the board of directors. All securities issued in the transaction have a hold period of one year.

The company will issue the securities through third party allocation increase.