Soribada Inc. announced a private placement to issue 2,000,000 common shares at a par value of KRW 500 per share at an issue price of KRW 500 per share for gross proceeds of KRW 1,000,000,000 on February 16, 2022. The capital will be raised through third party allocation method. The transaction will include participation from Soribada International with a protection period from March 25, 2022 to March 24, 2023.

The transaction is expected to close on February 24, 2022.