M2N Co.,Ltd announced a private placement of 2,036,658 registered redeemable convertible preferred shares at a price of KRW 4,910 per share for the gross proceeds of KRW 9,999,990,780 on April 12, 2023. The transaction has been approved by the shareholders of the company. The transaction is expected to close on April 20, 2023.

The transaction will include participation from individual investors, Daesik Choi for 977,596 shares, Jongrok Kim for 814,663 shares and Byung-guk Choi for 244,399 shares.