Powernet Technologies Corporation announced private placement of 17,662,552 shares at a price of KRW 2,838 per share for gross proceeds of KRW 4,999,988,400 on September 29, 2022. The transaction will include participation from returning investor WIZIT Co., Ltd. The shares will be issued at discount of 10% through third party allocation. The transaction is expected to close on November 30, 2022.

All the shares issued in the transaction are subject to hold period of one year. The transaction has been approved by the board of directors of the company.