Papa Mobility Co., Ltd. announced that it will issue 21,753,036 at an issue price of KRW 633 per share for gross proceeds of KRW 13,769,671,788 on May 17, 2024. The transaction will include participation from returning investor Kolon Corporation, will holds 90.05% stakes in the company. The transaction has been approved by the board of directors of the company.

The company is expected to close the transaction on June 3, 2024. The company will raise the capital through Shareholder allocation method.