iToxie Completes 9 Billion KRW Funding in Q1... "Resolving Management Item Issues Soon"

iToxis announced on the 17th that it will fully commence performance improvement in the first quarter of this year based on fundraising and an export contract for pickup trucks to Ukraine.

iToxis disclosed on the 14th that there was a reason for concern regarding designation as a management item.

According to the company, the reason for the management item designation was that due to the downturn in the gaming industry, games scheduled for publishing were not launched, and sales of quarantine supplies decreased, resulting in a capital erosion rate of over 50% confirmed at the internal closing at the end of December.

In the first quarter of this year, iToxis secured a total capital of 9 billion KRW through the completion of a 3 billion KRW convertible bond and a 6 billion KRW third-party allotment paid-in capital increase. Through strong restructuring, the company reduced and reorganized existing unprofitable business sectors. In early March, the deposit for the export contract of pickup trucks to Ukraine was received, and the company expects to achieve visible performance improvement through the Ukraine reconstruction project starting this year. The raised funds are planned to be used for improving the financial structure and the Ukraine reconstruction project.

An iToxis official stated, “We will do our best to ensure that the reason for the management item designation is lifted early through financial structure and performance improvement this year.”