SEONGAN CO., Ltd. announced a private placement of 10,427,528 common shares at the price of KRW 959 per share for gross proceeds of KRW 9,999,999,352 on May 26, 2023. The transaction will include participation from new investor Maybridge Co., Ltd. The company will issue shares of par value of KRW 500 per share through third party allocation method. The shares will be locked up for a period of one year.

The transaction has been approved by board of directors of the company. The payment date for the transaction is June 26, 2023.