Redrover.co.,Ltd announced that it will issue 9,708,737 common shares at an issue price of KRW 515 per share and at a par value of KRW 500 for gross proceeds of KRW 4,999,999,555 on January 4, 2022. The transaction will include participation from The Soul Co., Ltd. for 5,825,242 shares and ROI-Consulting Co., Ltd. for 3,883,495 shares. The transaction was approved by the board of directors of the company.

The transaction is expected to close on February 25, 2022 for 7,766,990 shares and on January 13, 2022 for 1,941,747 shares. The securities are issued through third party allocation increase. The securities issued are subjected to one year hold period.

Post the transaction, The Soul Co., Ltd. will be largest shareholder of the company.