Nexxus Approves $2.8 Million Third-Party Share Sale to KT, LG Uplus and CertiK

Nexxus said on Sept. 10 that it had approved a third-party allotment capital increase worth about $2.8 million for KT Corp., LG Uplus Corp. and blockchain security firm CertiK.

The deal will issue 2,151,443 new shares, equivalent to 2.51% of the company’s outstanding shares. Nexxus expects to raise about $2.8 million from the sale. The new shares will be subject to a one-year lockup, and payment is scheduled for Sept. 18.

The capital increase is being carried out in tandem with Nexxus’s acquisition of a stake in One Store. KT and LG Uplus signed a stock purchase agreement with Nexxus on Sept. 10, and the transaction is set to close on Sept. 14 upon payment.

In June, Nexxus acquired an 89.03% stake in One Store held by SK Square Co., Naver Corp. and others. SK Square and Naver also participated as investors in Nexxus at the time. If Nexxus also acquires the stakes held by KT and LG Uplus, its ownership in One Store will increase to 95.88%.

Through the share sale, Nexxus will bring in KT and LG Uplus from the telecommunications sector and CertiK from the security sector as strategic shareholders. The company plans to speed up the expansion of its platform business following the integration of One Store through cooperation with those partners.