Kyung Nam Pharm Co.,Ltd. announced a private placement of 2,472,273 common shares at a price of KRW 3,650 per share for gross proceeds of KRW 9,023,796,450 on December 24, 2021. The transaction will include participation from returning investor Blueberry NFT CO.,LTD. to retain its 22.89% stake in the company through shareholder allocation. The transaction has been approved by the board of directors of the investor.

The transaction is expected to close on March 16, 2022. Post the transaction, the investor will hold 7,061,838 shares of the company.