On Mind Inc. announced a private placement of 8,037 common shares and 8,230 convertible preferred shares at a price of KRW 600,000 per share for aggregate gross proceeds of KRW 9,760,200,000 on November 29, 2021. The transaction will include participation from returning investor Neptune Company for 3,100 common shares and SK Square Co., Ltd. for 4,937 common shares and 8,230 convertible preferred shares through third-party allotment. The transaction has been approved by the board of directors of the company.

Post the transaction, Neptune Company will hold 39.98% stake in the company. The preferred shares do not have voting rights. The payment date is on December 23, 2021.