Soosung Innovation Co., Ltd. announced a private placement of 1,639,344 shares at an issue price of KRW 1,830 per share for gross proceeds of KRW 2,999,999,520 on December 21, 2021. The transaction will include participation from Hanshin Motor Company. The transaction is expected to close on February 28, 2022.

The transaction was approved by the board of directors of the company. The securities to be issued will have a hold period of one year. The company will receive funding through 3rd party allocation.