Fortis, Inc. announced a private placement of 9,000,000 shares at an issue price of KRW 500 per share for gross proceeds of KRW 45,000,000 on November 19, 2021. The transaction will include participation from Poongjin TFC Co., Ltd for 4,600,000 shares, Seong-jae Uhm for 1,380,000 shares, Italy for 1,820,000 shares, Jinsoo Kim for 400,000 shares, Sang-mok Lee for 500,000 shares, Jung-hyun Ahn for 300,000 shares and from In-Valley Co., Ltd. The company is raising funding through 3rd party allocation increase method. The transaction is expected to close on November 30, 2021. The transaction has been approved by the board of directors.