NEXUS to Acquire 89% of ONESTORE… Massive Dilution Risk from Rights Issue
NEXUS has decided to acquire 20,247,990 shares representing 89.03% of ONESTORE for 62.6 billion KRW to secure management control and create business synergy.
The sellers include SK Square, Naver, Steel Number One First, and Krafton, with the acquisition price of 3,093 KRW per share deemed fair within the valuation range.
To fund the acquisition, NEXUS will issue new shares through a third-party allotment rights issue and corporate bonds, likely diluting existing shareholders.
ONESTORE has reported net losses for three consecutive years, suggesting the focus is on long-term synergy rather than immediate profitability.
[AI Summary]NEXUS expands into digital content by acquiring 89% of ONESTORE via a 62.6 billion won rights issue, but massive share dilution and the target's persistent losses pose downward pressure on stock price.
KOSDAQ Filing Information
Report on Major Matters (Decision to Acquire Stocks and Investment Securities of Other Corporation)