Wits Co., Ltd. a private placement of 17,207,500 common shares at KRW 2,000 per share for gross proceeds of KRW 34,415,000,000 and 2,145,000 converted preferred stock at a price of KRW 2,000 per share for gross proceeds of KRW 4,290,000,000 for aggregate gross proceeds of KRW 38,705,000,000 on March 25, 2021. Each converted preferred stock are convertible into 1 common share. The transaction will include participation from existing investor CHEMTRONICS.CO.,Ltd. (KOSDAQ:A089010) for 14,500,000 shares and executives of the company for 2,707,500 common shares and 2,145,000 preferred stocks. The transaction is by way of third party capital increase. The payment date for the shares is expected on April 9, 2021. The transaction has been approved by board of directors of the company.