'920 Billion Won' Wemade Sale to Chinese Capital Delayed Two Months

Wemade headquarters building

Wemade, a South Korean gaming company set to have a Chinese consortium become its largest shareholder, has postponed the transfer of management control by two months.

In a corrected disclosure on October 14, Wemade said, "Due to delays in meeting the contractual conditions precedent to closing, the date for payment of the remaining balance and the expected date of the change in largest shareholder have been changed from October 30 to December 30."

The company did not disclose which transaction requirements had been delayed.

Wemade said in the disclosure, "The dates for payment of the remaining balance and closing may change depending on whether and when the conditions precedent are met."

A consortium comprising investment platform company NeoPulse and Chinese gaming company Kingnet signed a stock purchase agreement (SPA) on June 30 with Wemade founder and Chairman Park Kwanho. Under the agreement, the consortium will acquire all of Park's shares, representing 39.33% of the company, for a total of 920 billion won.

NeoPulse was to pay 92 billion won, equivalent to 10% of the purchase price, on the contract date, with the remaining 828 billion won scheduled to be paid on October 30.

Once the share acquisition process is complete, NeoPulse will become Wemade's largest shareholder, holding a 40.25% stake.

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