Volvik Inc. announced a private placement of 6,158,519 convertible preferred shares at an issue price of KRW 3,621 per share for gross proceeds of KRW 22,299,997,299 on March 10, 2022. The transaction will include participation from T.S. 2020-13 M&A Growth Fund, a fund managed by T.S. Investment Corporation. The shares are convertible into 6,158,519 equity shares.

The shares will start convertible from April 1, 2022 and will end on March 31, 2023. The transaction is expected to close on March 31, 2022. The transaction was approved by the board of directors of the company.