ITM Semiconductor Co., Ltd. announced a private placement of 253,415 shares at KRW 21,805.838605 per share for gross proceeds of KRW 5,525,926,590 on December 8, 2016. The transaction will include participation from existing investor, Seoul Electronics & Telecom Co., Ltd. (KOSDAQ:A027040). The transaction is expected to close on December 12, 2016.

On closing, the investor will hold 14.07% stake in the company. The transaction was approved by the board of directors of the investor. The company reported total assets of KRW 198,003,000,000, total liabilities of KRW 155,057,000,000, total capital of KRW 42,946,000,000, capital of KRW 5,618,000,000, sales of KRW 183,032,000,000, and net loss of KRW 22,012,000,000 for the year ended December 31, 2015.