EHang receives $23 million private placement by South Korean investor

EHang Holdings Limited entered into share subscription agreements for a total of $23 million private placement with several strategic investors led by Lee Soo Man, a renowned South Korean music producer, entrepreneur, and the founder of K-pop and SM Entertainment, a South Korean leading multinational entertainment company. The Company will receive a deposit of 80% of the aggregate purchase price for the proposed placement from the investors in three business days. The transaction is expected to close in the third quarter of 2023, subject to regulatory review and customary closing conditions. The issuance of the Class A ordinary shares for