ACT Co., Ltd. (KOSDAQ:A131400) announced a private placement of 10,875,000 common shares at an issue price of KRW 800 per share for gross proceeds of KRW 8,700,000,000 on July 24, 2020. The transaction will involve participation from CITECH Co., Ltd. (KOSE:A004920) for 6,250,000 shares, Nicom Co., Ltd. for 2,500,000 shares, and Kosen Investment Co., Ltd. for 2,125,000 shares. The shares will be issued through third party allotment, will carry a face value of KRW 500, and will be issued at a 7.38% premium.

The shares have a hold period of two year. The transaction is expected to close on August 03, 2020. The transaction was approved by the board of directors of the company.