K-pop quintet EXID -- composed of Solji, LE, Hani, Hyelin, and Jeonghwa -- is set to release a new mini album on May 15, their agency Banana Culture Entertainment confirmed on May 3.

This follows their latest musical offering, the digital single "I Love You," which was released in November last year. Nonetheless, the group will be undergoing a "temporary hiatus" as two of its members Hani and Jeonghwa won't be renewing their contracts with the agency.

In a statement released by the company, it said that "EXID will be making a group come back with a new mini album on May 15.After this mini album unharness, EXID will carry out various broadcast promotions both in Korea and overseas throughout May, before taking a temporary hiatus as a group."

"We have come back to AN agreement with Loloish and Jeonghwa, who will not be renewing their contracts with us, that they will still carry out all of EXID's comeback promotionsto the fullest before they hunt down new agencies," it further stated.

Their contracts are bound to expire at the end of the month. While on group hiatus, Banana Culture shared that Solji, LE, and Hyelin will be pursuing solo activities. "Solji and LE are preparing to promote as solo artists, showcasing their singing, rapping, and producing skills; Hyelin is meanwhile planning to do a variety of broadcast and music activitieswith her numerous abilities and appealing image," the agency remarked.

As the five members are embarking on "new roads ahead," the company asked for their fans' encouragement and support. They also assured that they will give their best in promoting Solji, LE, and Hyelin while wishing Hani and Jeonghwa the "best in their future endeavors."

EXID was launched into the K-pop scene back in 2012 with the single, "Whoz That Girl." Their popularity further surged with the release of the chart-topping bop, "Up & Down." In June of 2016, the quintet dropped their debut full-length album called "Street," which contained 12 tracks.

They have also expanded their music to capture the Chinese market with the release of their first Chinese offering, "Cream," in December 2016. It was in 2018 when they first debuted in Japan through a showcase held in Tokyo. They have since unveiled Japanese singles and held tours in the said country.