Aroot Co., Ltd. announced a private placement of 8,000,000 shares at an issue price of KRW 500 per share for proceeds of KRW 4,000,000,000 on March 3, 2023. The transaction will include participation from Jeongim Choi for 2,000,000 shares, Daol Am Co., Ltd. for 5,000,000 shares and Donggun Seomun for 1,000,000 shares. The transaction was approved by the board of directors of the company.

The transaction is expected to close on May 31, 2023. The company will receive funding through 3rd party allocation. The shares are restricted to a hold period.