UTI Inc (KOSDAQ:A179900) announced a private placement of 56,180 convertible preferred shares at an issue price of KRW 17,800 per share for gross proceeds of KRW 1,000,004,000 on May 13, 2021. The company is raising funding through third party allocation increase method. The transaction will include participation from Mirae Asset Venture Investment Co., Ltd. (KOSDAQ:A100790).

The convertible preferred shares are convertible into common shares at a conversion price of KRW 17,800 per share subject to adjustments from May 26, 2022 to May 25, 2026. The conversion ratio: 1 to 13. The payment date of the transaction is May 26, 2021.

The transaction has been approved by the board of directors.