Mmagnet Corp. announced a private placement to issue 27,064 common shares at an issue price of KRW 166,666 per share for gross proceeds of KRW 4,510,648,624 on March 16, 2022. The transaction included participation from Neptune Company to acquire 100% stake in the company.

The capital will be increased through shareholder allocation method. After the capital increase, Neptune Company's stake in company is 100%, the same as before the capital increase. The transaction has been approved by the board of directors.