Powernet Technologies Corporation announced a private placement of 1,087,350 common shares at an issue price of KRW 2,759 for the gross proceeds of KRW 2,999,998,650 on December 14, 2023. The transaction will include participation from returning investor WIZIT Co., Ltd. The company will receive funding through third party allotment. The transaction has been approved by the board of directors of the company and transaction is expected to close on December 22, 2023.

The securities are subject to hold period of 1 year.