Kakao Brain Corp. announced a private placement of 400,000 common shares at a price of KRW 100,000 per share for gross proceeds of KRW 40,000,000,000 on May 27, 2021. The transaction will include participation from returning investor Kakao Corp. (KOSE:A035720) to retain its 100% stake in the company. The transaction has been approved by the board of directors of the company.