FSN decides to issue a capital increase of 12 billion won in a third-party allocation…

Realization of responsible management through direct participation by CEO Lee Sang-seok and Seo Jeong-kyo

에프에스엔 로고

◎ Securing additional shares of major shareholders to prepare for unstable market conditions… Expanded the friendly share up to 32.91%
◎ Aggressive investment in various new businesses such as blockchain and brand aggregator etc.
 
FSN (214270), a listed company on the KOSDAQ, will conduct a capital increase in which the respective CEOs Lee Sang-seok and Seo Jeong-gyo directly participate in order to strengthen management rights and realize responsible management.
 
FSN announced on the 24th that they have decided to issue a capital increase of 12 billion won (3,773,584 shares) to a third party. The secured funds will be actively invested in new businesses operated by FSN, such as blockchain and brand aggregation.
 
Lee Sang-seok and Seo Jeong-kyo, each CEO of FSN, will participate in this capital increase for a total of 6 billion won (1,886,792 shares), and Xeno Investment Asia will also participate in the capital increase on the same scale. The issuance price of new stocks is 3,180 won per share, and the expected listing date for new stocks is November 16th. Xeno Investment Asia, which participated in the capital increase together with their respective CEOs, is a subsidiary of Xeno Holdings, a major partner of FSN. These two companies have been building a strong relationship. They participated in this capital increase for future collaboration, and also the voting rights of Xeno Investment Asia, which were secured through the capital increase, are also delegated to FSN management as a sign of trust in FSN management.

 
FSN explained that through this capital increase, it was able to strengthen management rights and realize responsible management, prepare for unstable market conditions. As each CEO Lee Sang-seok and Seo Jeong-kyo participated in the capital increase, the stake in FSN management increased, and Xeno Investment Asia was also included as a friendly shareholder. The stake has been increased from 23.83% to 32.91%.
 
FSN plans to actively invest in its new business based on the raised funds. Currently, FSN is successfully expanding its business areas such as blockchain and brand aggregator as well as its existing business digital marketing. In the blockchain business, Sunmiya Club and Bellygom NFT have been launched and developed into Korea's representative PFP NFT projects. The brand aggregator business also provides integrated accelerating services to 10 partners through its subsidiary Boosterz and growing together.
 
Seo Jeong-kyo, CEO of FSN mentioned, “We have directly participated in this capital increase to realize responsible management and strengthen our management rights, and as Xeno Investment Asia also participated as a friendly shareholder, we have secured a total of more than 30% of our friendly shares.” , “We plan to invest in blockchain and brand aggregator businesses with the funds we raised this time and grow those new businesses rapidly”.
 

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