JOONGANG DNM Co.,Ltd announced a private placement of 5,500,000 common shares at issue price of KRW 728 per share for an aggregate gross proceeds of KRW 4,004,000,000 on May 31, 2022. The transaction will include participation from returning investor, HF Networks Co., Ltd. for 3,000,000 shares. The capital increase is through third party allocation increase.

The transaction is expected to close on September 16, 2022. The transaction has been approved by the board of directors of the company. The shares to be issued are subject to hold period of one year from the closing of the transaction.