FSN-Psycan Holdings Chairman Kim Jung-ryul Joins Hands... "Accelerating Blockchain and NFT Global Market Expansion"

[Asia Economy Reporter Hyunseok Yoo] FSN, a KOSDAQ-listed company, announced on the 21st that Psycan Holdings has converted all of its convertible bonds (CB) into shares and signed a lock-up agreement for all these shares for the next two years from the new share listing date.

Psycan Holdings holds FSN's 2nd and 3rd series CBs, and through this stock conversion, it will secure a total of 1,302,760 new shares. According to the lock-up agreement between the two companies, Psycan Holdings will not sell any of the FSN shares it holds for the next two years, and all voting rights of these shares will be delegated to J2B, the current largest shareholder of FSN.

The company stated that through this agreement, the largest shareholder J2B's stake in FSN's management rights has increased from the previous 20.15% to 23.90%, thereby strengthening management stability, and the conversion burden of the CBs, which had been a burden on the stock price and financial structure, has been completely resolved. Financial soundness is also expected to improve significantly.

Psycan Holdings, which has supported FSN's investment for a long time, is led by Chairman Kim Jeong-ryul, known as the godfather of the first-generation gaming industry, who sold Gravity, a Nasdaq-listed company, to SoftBank for 400 billion KRW in 2005. Chairman Kim founded Gravity in 2000 and launched the online game "Ragnarok," achieving an export success story to 35 countries worldwide within two years of service launch.

Currently known to have assets worth trillions of KRW, Chairman Kim Jeong-ryul's Psycan Holdings is also the largest shareholder of Commseed, a Japanese listed company that recently signed an MOU with FSN to expand its P2E game and NFT business network in the pachinko and pachislot sectors. FSN plans to combine its blockchain technology with Commseed's social game and pachinko game expertise to actively promote business in the first quarter of next year. Previously, FSN and Commseed signed a strategic partnership to build an active collaboration system aimed at exploring the Japanese market and expanding overseas business.

Chairman Kim Jeong-ryul of Psycan Holdings said, "Despite past investment risks, the CB investment made with confidence in FSN management's passion and growth potential has already passed the breakeven point," adding, "Nevertheless, I hope that this strong support and backing through the lock-up agreement and voting rights delegation will contribute to FSN's future growth."

FSN Co-CEO Seo Jeong-gyo said, "This stock lock-up and full delegation of voting rights is a demonstration of Psycan Holdings' full trust and support for FSN's business capabilities and growth potential as a long-term investor and business partner," adding, "Based on FSN's solid global network and blockchain technology, Commseed's pachinko and social game expertise, and the strong financial power of the parent company Psycan Holdings, we will quickly realize results in the P2E business sector and repay the trust of Psycan Holdings and FSN shareholders who have been a great support at every turning point of the company."

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