Bucket Studio Co., Ltd announced a private placement of 7,299,271 convertible preferred shares at an issue price of KRW 5,480 per share for gross proceeds of KRW 40,000,005,080 on November 25, 2021. The transaction include participation from Initial Investment Partnership 1 for 5,474,453 shares and Initial Investment Partnership 3 for 1,824,818 shares. The preferred shares to be issued have a par value of KRW 500 per share.

The securities are issued through third party allotment method. The transaction was approved the board of directors of the company. The securities issued are participating and cumulative preferred shares and receive 0% annual dividend.

The transaction is expected to close on January 20, 2022. The conversion period starts on January 20, 2023 and ends on December 20, 2031. The securities issued are subjected to one year holding period.