Rapolabs Resubmits Application for SK Stoa Largest Shareholder Change Approval

"Transaction Structure Adjusted with SK Telecom"

Rapolabs announced on September 11 that it had resubmitted its application to the Broadcasting and Communications Commission to change the largest shareholder of SK Stoa.

Rapolabs, which operates the platform "Queenit," acquired SK Stoa, a data home shopping company, in December of last year. The company applied for approval to change the largest shareholder with the Broadcasting and Communications Commission in January this year, but withdrew the application in July.

This was an unprecedented case of a relatively small startup acquiring a home shopping company affiliated with a major conglomerate. At that time, during the expert review committee evaluation, which took place after three rounds of supplementary procedures, concerns were raised that the company's financing capability and plan to support broadcasting operations as the largest shareholder did not meet the required standards.

In a statement that day, Rapolabs said, "Prior to resubmitting the application, we adjusted the transaction structure with SK Telecom and newly signed a share purchase agreement (SPA), reflecting the feedback received during the initial process." While previously Rapolabs planned to acquire 100 percent of the shares, this time it will retain a portion of SK Telecom's stake to enhance management stability.

The company added, "The acquisition funds will be sourced entirely from our own capital and we have no plans to use acquisition finance or external borrowing," and stated, "Even after the acquisition, we will prioritize stable business operations at SK Stoa and job security for its employees, and responsibly manage the company."

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