Nexxus to Raise About $2.8 Million in Third-Party Share Sale to KT, LG Uplus and CertiK
Summary
- Nexxus said it had approved a third-party allotment of new shares worth about $2.8 million to KT, LG Uplus and CertiK.
- The company said it will issue a total of 2,151,443 shares through the transaction to raise about $2.8 million, with the new shares subject to a one-year lock-up.
- Nexxus said it plans to raise its stake in One Store to 95.88% and accelerate its platform business expansion after the One Store integration by working with its strategic shareholders.
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Nexxus said on Sept. 10 that it had approved a third-party allotment of new shares to KT, LG Uplus and blockchain security firm CertiK, raising about 3.8 billion won ($2.8 million).
The company will issue 2,151,443 new shares, equivalent to 2.51% of its existing shares outstanding. It expects to raise about 3.799 billion won ($2.8 million). The new shares will be subject to a one-year lock-up, and the payment date is Sept. 18.
The capital raising is being carried out in connection with Nexxus's acquisition of a stake in One Store. KT and LG Uplus signed a stock purchase agreement with Nexxus on Sept. 10, and the deal is scheduled to close on Sept. 14 upon payment.
In June, Nexxus acquired an 89.03% stake in One Store from shareholders including SK Square and Naver. SK Square and Naver also took part as investors in Nexxus at the time. If Nexxus also acquires the stakes held by KT and LG Uplus, its ownership in One Store will expand to 95.88%.
Through the share sale, Nexxus will bring in KT and LG Uplus in telecommunications and CertiK in security as strategic shareholders. The company plans to accelerate the expansion of its platform business after integrating One Store through cooperation with those investors.
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