Chorokbaem Media Co., Ltd. announced a private placement of 8,849,558 registered convertible preferred shares at a price of KRW 2,260 per share for the gross proceeds of KRW 20,000,001,080 on June 2, 2021. The transaction will include participation from returning investor CHOROKBAEM COMPANY Co., Ltd. The transaction has been approved by the board of directors of the company. The company will issue securities through third party allocation method.

The preferred shares will be issued at 10% premium. The preferred shares are redeemable. The preferred shares will be converted into 8,849,558 registered common stock at a conversion price of KRW 2,260 per share, for a conversion ratio of 1 to 1, The conversion period is from September 30, 2022 to August 30, 2031.

The preferred shares carry a hold period of one year. The transaction is expected to close on September 30, 2021.