Pandora SPC Co., Ltd. announced a private placement of 3,400,000 common shares at a price of KRW 500 per share for gross proceeds of KRW 1,700,000,000 on September 28, 2016. The transaction included participation from existing investor Pandora TV Co., Ltd. Post the closing, the investor continues to retain its stake of 100% in the company. Post the closing, the total number of issued shares increased to 4,000,000. The transaction has been approved by the board of directors of the investor.