CHOROKBAEM COMPANY Co., Ltd. announced a private placement of 16,666,667 common shares at KRW 1,260 per share for gross proceeds of KRW 21,000,000,420 on December 22, 2021. The transaction will include participation from new investor Wooridul Huebrain Limited for 14.16% stake in the company. The transaction is by way of third party capital increase.

The payment date for the shares is expected on January 12, 2022. The transaction has been approved by board of directors of the company.