Midong & Cinema Co., Ltd. (KOSDAQ:A161570) announced a private placement of 2,985,074 common shares at a price of KRW 1,675 per shares for gross proceeds of KRW 4,999,998,950 on December 29, 2020. The transaction will include participation from MAX STEP CREATION LIMITED. The company issued share at KRW 500 par value. The transaction will take place through third party allotment. The securities are subject to a hold period of 1 year. The transaction was approved by the board of directors of the company. The transaction is expected to close on February 26, 2021.