SelfieGlobal "Business Progressing Without Disruption"
[Asia Economy Reporter Hyungsoo Park] Selfie Global announced on the 20th that the forced sale, which was the main cause of the recent stock price decline, will no longer occur.
Earlier, on the afternoon of the 19th, Selfie Global disclosed that the stock collateral provision contract involving the change of the largest shareholder of KNJ Invest and Rocket International was terminated. As a result of the collateral execution, a loan of 12 billion KRW was repaid.
The remaining shares of Rocket International are approximately 1.28 million shares, with a stake of 3.48%. Rocket International is considering various measures to increase its shareholding.
A company official stated, "The stock price fell sharply due to the forced sale volume caused by the stock price decline and additional sell-offs," adding, "The forced sale volume from the largest shareholder will not be additionally released to the market."
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He continued, "The Tap to Pay service 'Selfie,' the existing card manufacturing business, and the lithium hydroxide supply business currently underway are progressing without any issues," and explained, "We will strive to recover the stock price and enhance shareholder value."
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