Birth of the First Dual-Class Share Company... A Stepping Stone for Venture Business Growth
Logistics Venture 'Colosseum Corporation'
Issued 96 Days After System Implementation
The first company to issue multiple voting rights shares was established 96 days after the system was implemented.
On the 21st, the Ministry of SMEs and Startups announced that the first company to issue multiple voting rights shares has emerged.
Multiple voting rights shares are shares that grant up to 10 voting rights per share. This system was introduced to support venture companies in attracting large-scale investments and growing without concerns about equity dilution. The system was implemented on November 17 of last year.
The first company in Korea to issue multiple voting rights shares is the comprehensive logistics service venture company, 'Colosseum Corporation,' which issued multiple voting rights shares to CEO Park Jin-su through unanimous shareholder consent.
On this day, Minister Oh Young-joo of the Ministry of SMEs and Startups visited the headquarters of Colosseum Corporation and had a discussion with CEO Park Jin-su and the executives and employees.
They talked about the motivation for utilizing the multiple voting rights shares system, the specific issuance process, and future vision. In addition, they listened to difficulties in recruiting software personnel and suggestions from the field.
Minister Oh said, "Visiting the site in person made me realize how desperately venture companies have wanted the introduction of the multiple voting rights shares system," and added, "We will do our best to ensure the system is firmly established in the field so that the competitiveness of our venture ecosystem is further strengthened."
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Meanwhile, the Ministry of SMEs and Startups plans to continue holding practical briefings and corporate consulting to support the establishment of the multiple voting rights shares system, and will publish a collection of best practices for use in the field in the future.
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