Soribada Inc. announced a private placement of 2,000,000 common shares at the price of KRW 500 per share for gross proceeds of KRW 1,000,000,000 on February 16, 2022. The transaction will include participation from Soribada International. The company will issue shares of par value of KRW 500 per share through third party allocation method. The shares will be locked up for a period of one year. Post closing, the total number of shares issued will increase from 4,940,349 shares to 6,940,349 shares. The transaction has been approved by board of directors of the company. The payment date for the transaction is February 24, 2022.