LG Display confirmed Monday that it is issuing new shares to raise 1.29 trillion won ($970 million) to bolster investments in OLED displays for smartphones and other mobile gadgets while improving its financial stability.

The move comes as the display maker has recently recovered from operating losses.

In a regulatory filing earlier in the day, the company said it is issuing new shares at 9,090 won apiece, which is lower than the 10,070 won fixed in the previous capital increase in January.

The price decrease reflects a fall in the stock price in recent weeks. Its share price hovered around 13,000 won earlier this year, but the figure continued to decline to close at 11,380 won at Thursday’s closing bell.

The company reported it plans to use 415.9 billion won for facilities spending, 482.9 billion won for operations and 393.6 billion won to repay debt. In its earnings call in January, the display maker said it aims to lower its debt ratio from 308 percent last year to 260 percent level this year.

The subscription will start Wednesday for employees and existing shareholders, while the public offering will take place March 11 and 12. The new shares will be listed on the stock market on March 26.

LG Display decided to issue new stocks in December and said it planned to invest in small and medium-sized display panels used for IT devices and automotive parts, which are growing in demand.

At that time, its share price dropped by more than 7 percent.

The company is pushing to sell off its last LCD TV panel manufacturing plant in Guangzhou, China, after it announced its departure from the China-dominated LCD market in 2022.

LG Display reported an operating profit of 131.7 billion won in the fourth quarter of 2023, a turnaround from an operating loss of 875.7 billion won a year prior.

Explaining that its business struggled in the aftermath of COVID-19, the company said it will strengthen its OLED panel business and raise the shipment goal for 2024 by 20 percent per year.

LG Display predicted its earnings to increase this year, amid growing demand for OLED panels in high-end devices. The company is expected to contribute some 60 percent of panel supplies to Apple’s OLED iPad that is estimated to sell 10 million units this year.