iA Networks Company Limited (KOSDAQ:A123010) announced a private placement of 6,211,180 common shares at a price of KRW 1,610 per share for gross proceeds of KRW 9,999,999,800 with new investor Infraware, Inc. (KOSDAQ:A041020) on October 8, 2020. The investor will acquire 12.54% stake in the company. The shares will be issued at premium to par value of KRW 100 per share.

The transaction has been approved by the board of directors of the company. The shares to be issued are subject to a lock-up period of 1 year. The expected payment date is October 16, 2020.