Naver Z Corporation announced a private placement of 3,639 preferred shares at an issue price of KRW 1,373,803 per preferred share for gross proceeds of KRW 4,999,269,117 on November 6, 2020. The preferred shares have a par value of KRW 5,000. The transaction will include participation from JYP Entertainment Corporation (KOSDAQ:A035900). The company will issue the securities on third party allocation basis. The company will issue the preferred shares at a premium of 27,376.06%. The company expects to close the transaction on November 23, 2020. The transaction was approved by the board of directors of the company.