Papa Mobility Co., Ltd. announced a private placement of 16,709,324 common shares at an issue price of KRW 580 per share for the gross proceeds of KRW 9,691,407,920 on December 19, 2022. The transaction will include participation from returning investor Kolon Corporation. The transaction has been approved by shareholders of the company.

The shares are allotted through third-party allotment method. The transaction is expected to close on January 5, 2023.