announced a private placement of 2,091,253 redeemable convertible preferred stock at the price of KRW 52,600 per share for gross proceeds of KRW 109,999,907,800 on March 21, 2024. The transaction will include participation from new investors KB Securities Co., Ltd. for 380,228 shares; KDB Capital Corp. for 266,159 shares; Shinhan Securities Co.

Ltd. for 380,228 shares; kiwoomyes Savings Bank Co.,Ltd. for 190,114 shares; Circle Wave First Co., Ltd. for 380,228 shares; Golden C 3rd Co., Ltd. for 209,125 shares; and Kiss Plus 26th Co., Ltd. for 285,171 shares. The company will issue shares of par value of KRW 5,000 per share through third party allocation method. The shares will be locked up for a period of one year.

Post closing, the total number of shares issued will increase from 36,000,000 shares to 38,091,253 shares. The preferred stock will be 100% converted into 2,091,253 common shares at a fixed conversion price of KRW 52,600 per share for an equity stake of 3.79%. The conversion period is from March 30, 2027 to March 27, 2054.

The transaction has been approved by board of directors of the company. The payment date for the transaction is March 29, 2024