IHQ Inc. announced a private placement of 3,597,123 common shares at a price of KRW 1,390 per share for gross proceeds of KRW 5,000,000,970 on December 1, 2021. The transaction will include participation from existing investors KH Media Co., Ltd. The shares carry a par value of KRW 500 per share. The company will receive funding through third party allotment of capital.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on January 28, 2022. The shares issued are subject to restriction period of one year from issuance.