K-Auction Decides to Cancel All 1.34 Million Treasury Shares

K-Auction has announced a shareholder return policy aimed at enhancing shareholder value.

On June 5, K-Auction stated that the company has decided to cancel all of its treasury shares, which it had previously acquired and held, within one month.

The shares to be cancelled this time amount to 1,340,920 common shares, representing approximately 4.92% of the total number of shares issued—a significant proportion. By proceeding swiftly with the cancellation, which goes beyond a simple treasury share buyback and results in an actual reduction of shares in circulation, K-Auction aims to maximize per-share value and deliver direct benefits to its shareholders.

The largest shareholder has pledged not to sell up to approximately 750,000 shares, which were either acquired before or after the company's treasury share purchase or are planned to be acquired and disclosed as such, until January 2027. This demonstrates strong confidence in the company's growth despite recent market uncertainties and expresses a firm intention to actively protect minority shareholders by eliminating concerns over potential overhang (potential shares for sale).

A K-Auction representative stated, "The complete cancellation of treasury shares and the voluntary sale restriction commitment by the largest shareholder reflect our unwavering management philosophy of prioritizing shareholder value above all else. Going forward, we will continue to pursue co-growth with our shareholders, strengthen our competitiveness in our core business—the art auction market—and achieve a turnaround in performance to continuously enhance corporate value."

This content was produced with the assistance of AI translation services.