Wooridul Huebrain Limited announced a private placement of 11,171,718 registered convertible preference shares at an issue price of KRW 990 for gross proceeds of KRW 11,060,000,820 on May 13, 2022. The transaction includes participation from new investor Arke Fund. Each preferred stock is convertible into one common share with conversion price same as as issue price which is KRW 990.

The conversion request period is starting from May 26, 2023 till April 26, 2027. The company expects to close the transaction by May 26, 2022. The transaction has been approved by the board of directors of the company.