Nano Automotive Sl. announced a private placement of 477,778 common shares at a price of KRW 23,177 for gross proceeds of KRW 11,073,360,000 on August 10, 2018. The transaction includes participation from existing investors NANO Co., Ltd. (KOSDAQ:A187790) for 311,111 common shares and Sojitz Corporation (TSE:2768) for 166,667 common shares.

The common shares have a face value of KRW 12,876. The company will receive the funding through third party allotment method. The company has received the approval of board of directors.

On closing of the transaction, NANO Co., Ltd. (KOSDAQ:A187790) will hold 57.96% of the stake and Sojitz Corporation (TSE:2768) will hold 34.88% of the stake in the company. The company expects to close the transaction on August 30, 2018. The company has a share capital of KRW 8,440,000,000.

The company has total assets of KRW 28,000,000,000, total liabilities of KRW 19,560,000,000, sales of KRW 26,510,000, and net profit of KRW 316,000,000 as of year ending December 31, 2017.