Mugunghwa Information Technology Co., Ltd. announced a private placement of 10,000,000 common shares at a price of KRW 500 per share for the gross proceeds of KRW 5,000,000,000 on January 19, 2023. The transaction will include participation from returning investor, Chun Ji In Developments Co. Ltd. for 10,000,000 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 January 31, 2023.