GemVaxLink Completes 12.7 Billion KRW Third-Party Allocation Paid-in Capital Increase

Gemvax Link announced on the 19th that it has successfully completed the payment for a third-party allotment paid-in capital increase.

To diversify its business, the company raised 12.7 billion KRW through the paid-in capital increase while expanding into the autonomous driving sector. Investors, including Pony AI, completed the payment for the capital increase as scheduled. The total number of issued shares is 9,505,982.

On the 13th of last month, Gemvax Link signed a joint venture (JV) agreement with Pony AI to establish "Pony AI Mobility," entering the autonomous driving business. At the extraordinary general meeting held on the 15th, the company added autonomous driving-related business objectives and appointed key figures from Pony AI as inside directors.

Pony AI is a company possessing world-class Level 4 (highly automated) autonomous driving technology. It is currently operating unmanned taxi services in major cities such as Beijing and Guangzhou, China.

Through the joint venture, the autonomous driving business will be promoted in Korea. Hwang Jeong-il, CEO of Gemvax Link, said, "With the successful completion of the paid-in capital increase, we have established a strong foundation for the company's growth and development," adding, "We will do our best to become a leader in the autonomous driving business in Korea."

According to data from the Korea Institute of Science and Technology Information, the global autonomous driving integrated solutions market is expected to reach 47.767 billion USD (62.96 trillion KRW) by 2028.