People & Technology Inc. announced that it will issue 2,981,809 Redeemable Convertible Preferred Stock at an issue price of KRW 50,305 per share for proceeds of KRW 149,999,901,745 on April 5, 2023. The transaction will include participation from NV Mezzanine Plus PEF, a fund managed by Dominus Investment Co., Ltd. for 1,987,873 shares and NHIBKC Sobujang New Technology Fund for 993,936 shares. The shares are convertible into 2,981,809 shares and will start conversion from April 19, 2024 and will end on April 18, 2030.

The transaction is expected to close on April 19, 2023. The transaction was approved by the board of directors of the company. The company will receive funding through 3rd party allocation.