NEXTCHIP Co., Ltd. announced a private placement of 827,385 common shares at a price of KRW 6,164 per share for proceeds of KRW 5,100,001,140 on March 4, 2020. The transaction will include participation from returning investor NEXTCHIP Co., Ltd. (KOSDAQ:A092600) who will retain its 100% stake in the company. The transaction was approved by the board of directors of the investor.

The company will raise the funding through shareholder allocation. The transaction is expected to close on March 6, 2020.