Mugunghwa Information Technology Co., Ltd. announced a private placement of 3,750,000 common shares at a price of KRW 800 per share for the gross proceeds of KRW 3,000,000,000 on June 29, 2023. The transaction will include participation from individual investor, Oh Chang Seok for 3,750,000 common shares. The transaction is approved by the shareholder's of the company.

The shares were allotted through third-party allotment of shares. The company announced that the transaction is expected to close on July 7, 2023. The securities issued in the transaction have a hold period of 1 year.