Austem Company Ltd. (KOSDAQ:A031510) announced a private placement to issue 2,000,000 common shares of par value KRW 500 at a price of KRW 2,305 per share for gross proceeds of KRW 4,610,000,000 on September 9, 2020. The transaction will include participation from new investor Bodyfriend Co., Ltd. The transaction is expected to close on September 22, 2020 and the listing date of shares is October 14, 2020. The transaction has been approved by the board of directors of the company. The shares are being issued at a premium through a third party allocation method and are subject to a hold period of one year from the date of issuance. The total number of issued shares are 26,000,000 shares.