Volvik Inc. announced a private placement of 600,000 redeemable convertible preferred shares at an issue price of KRW 3,205 per share for gross proceeds of KRW 1,923,000,000 on January 20, 2022. The transaction will include participation from Seoul N No. 15 Hole-in-One Fund.

The company will raise the funding through third party allotment of shares. The redeemable convertible preferred shares are converted into common shares. The conversion period is started from February 3, 2023, to February 2, 2033.

The redemption period is started from February 3, 2026, to February 2, 2033. The transaction has been approved by the board of directors of the company. The transaction is expected to close on February 3, 2023.