Papa Mobility Co., Ltd. announced that it will issue 12,683,207 common shares at an issue price of KRW 633 per share for gross proceeds of KRW 8,028,470,031 on November 7, 2023. The transaction has been approved by the board of directors of the company. The transaction will include participation from returning investor, Kolon Corporation for 11,058,452 common shares and other investors.

The company is expected to close the transaction on November 30, 2023. The company will raise the capital through shareholder allocation method.