IHQ Inc. announced a private placement of 10,683,760 Registered redeemable convertible preferred stock at an issue price of KRW 936 per share for proceeds of KRW 9,999,999,360 on June 9, 2022. The shares will be issued pursuant to 3rd party allotment method. The preferred shares will be convertible into common shares at a conversion price of KRW 936 per share during conversion period starting on June 17, 2023 and ending on June 17, 2025.

The transaction is expected to close on June 17, 2022. The transaction has been approved by the board of directors. The shares are subject to a hold period of one year.

The transaction will include participation from returning investor Meritz Securities Co., Ltd.