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.

On the same date, the company announced that it has amended the terms of the transaction. The company announced that it has issued 950,569 shares at an issue price of KRW 52,600 for the gross proceeds of KRW 49,999,929,400. The transaction will include participation from new investors Shinhan Investment & Securities Co., Ltd. 190,114 shares, KB Securities Co., Ltd. 190,114 shares, KDB Capital Corp. 190,114 shares, Brain Asset Management Co., Ltd. 76,045 shares, Green Chemical Co., Ltd. 57,034 shares, Circle Wave Jeilcha Co., Ltd. 190,114 shares and Golden C Third Co., Ltd. 57,034 shares. The shares are converted into 950,569 common shares at a fixed coversion price of KRW 52,600 from October 1, 2029 to March 27, 2054. The repayment period of shares is from March 30, 2029 to March 27, 2054. The convertible preferred shares will mature on March 30, 2054.