Redrover Co., Ltd. (KOSDAQ:A060300) announced a private placement of 5,333,332 non-participating convertible preferred stock of par value of KRW 500 each at a price of KRW 750 per share for gross proceeds of KRW 3,999,999,375 on August 14, 2020. The company is raising funding through third party allocation. The transaction will include participation from returning investor Win Asia Partners Co., Ltd. for 4,266,666 shares, new investors HAN & Partners Asset Management for 400,000 shares and Empathy Investor Co., Ltd. for 666,666 shares. The preferred shares are convertible into common shares at a conversion ratio of 1:1 starting from September 30, 2021 to September 30, 2024. The payment share of the transaction is expected to be September 29, 2020. The transaction has been approved by the board of the company. All securities issued will be subject to a hold period of one year.