Gemvaxlink Co., Ltd. announced a private placement to issue 10,329,335 shares at an issue price of KRW 1,336 for the gros proceeds of KRW 13,799,991,560 on February 2, 2024. The transaction will include participation from new investors Hongkong Pony AI Limited for 3,742,514 shares, NAX Partners Co., Ltd. for 748,502 shares, Da-yeon Lee for 748,502 shares, Donghan Lee for 224,550 shares, Material Venture Capital for 3,742,514 shares, Ae-ran Park for 748,502 share and Bong-kwon Park  for 374,251 shares. The transaction has been approved by the shareholders of the company and is expected to close on March 18, 2024.

The securities are restricted to a hold period.