Daesin Balance No.9 SPAC Approved for Merger with 'Blitzway'... "KOSDAQ Listing in December"

[Asia Economy Reporter Hyunseok Yoo] Daishin Balance No.9 SPAC announced on the 10th that at the extraordinary general meeting held on the 5th for the merger listing with figure development and manufacturing specialist company 'Blitzway,' the merger agenda and the appointment of inside and outside directors and auditors were approved.

Blitzway will complete the remaining merger procedures and be listed on the KOSDAQ market in December. The exercise period for the stock purchase rights of Daishin Balance No.9 SPAC and Blitzway is until the 25th. The merger ratio is 1 to 29.193. The merger date is the 7th of next month.

At the shareholders' meeting, the agenda for the appointment of CEO Seongwoong Bae of Blitzway, inside directors Seungwon Choi and Hyukcheol Kwon, outside director Jiho Jung, and auditor Jaehyuk Heo were all approved. The existing executives of Daishin Balance No.9 SPAC are scheduled to resign on the merger registration date.

Founded in 2010, Blitzway owns the live-action figure brand 'Blitzway,' based on Hollywood movies, the animation figure brand 'Opro Studio,' and the art toy brand 'Truck380.' It recorded sales of 8.9 billion KRW and operating profit of 1.9 billion KRW in the first half of the year.

Blitzway's strengths lie in its technology to faithfully reproduce iconic scenes from movies and its planning capability to reinterpret animations. Recently, it announced figure production for the animation 'Voltron,' the game 'League of Legends,' and the sci-fi movie 'Dune.'

Blitzway directly signs worldwide license agreements with Hollywood production companies. Its representative clients include Disney, Universal Studios, Paramount Pictures, Fox, and Sony. Domestic clients include HYBE, YG Entertainment, Nexon, NCSoft, and Pearl Abyss.

Seongwoong Bae, CEO of Blitzway, said, "Blitzway is the No.1 figure development and manufacturing company in Korea collaborating with global content companies," adding, "After listing, we plan to actively strengthen our own IP (intellectual property) and expand overseas."

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