Magic Flow Inc. announced a placement of 114,400 common shares at an issue price of KRW 25,000 per share for gross proceeds of KRW 2,860,000,000 on January 15, 2024. The transaction will include participation from returning investor, Shinsegae Engineering & Construction Inc. for 68,640 shares for post-investment stake of 60% along with others. The method of capital increase is through shareholder allotment.

Shinsegae Engineering & Construction Inc. will be allocated shares through priority allocation to existing shareholders investment method. The transaction has been approved by board of directors of the company. The expected date of payment is January 31, 2024.