Selvas AI Inc. announced a private placement of 303,030 common shares at a price of KRW 6,600 for gross proceeds of KRW 1,999,998,000 to new investor Wysiwyg Studios Co., Ltd. on August 12, 2022. The shares have a par value of KRW 500. The transaction has been approved by the board of directors of the company.

The transaction is expected to close on August 22, 2022. The securities are subject to a hold period of one year.