U-Tech Co., Ltd. announced a private placement of 5,454,545 common shares at the price of KRW 550 per share for gross proceeds of KRW 2,999,999,750 on July 29, 2022. The transaction will include participation from TES System Inc. The company will increase capital through 3rd party allocation. The common shares will be issued at a premium of 10.88%.

The transaction has been approved by board of directors of the company. The transaction is expected to close on August 24, 2022.