"5 consecutive sessions of upper limit"...SGA draws investor sentiment with news of new virtual asset business

KOSDAQ-listed company SGA continued its strong performance on the 21st (Korean time).

As of 12:35 PM, SGA was up 600 won (30%) from the previous trading day at 2,600 won, hitting the upper limit. SGA has been posting the upper limit for five consecutive trading days from the 14th to today. On the 17th, a rapid surge in share price led to a trading suspension for a day after being designated as an investment warning stock.

Investor sentiment appears to have strengthened amid news of a change in the largest shareholder and expansion into new virtual asset (cryptocurrency) businesses. On the 14th, SGA announced a third-party paid-in capital increase worth 34.5 billion won. A total of 58,862,249 new shares will be issued at 586 won per share. The allocation recipients are four in total: Asia Strategy Partners, KCGI (Korea Corporate Governance Improvement), Pathfinder Holdings, and Simon Gerovich, CEO of Metaplanet.

Asia Strategy Partners will become the largest shareholder of SGA after the paid-in capital increase. Asia Strategy Partners is the operating company of the global Web3/blockchain-focused venture capital, 'Sora Ventures.'

In addition, SGA plans to hold an extraordinary shareholders' meeting on September 10 to add business purposes such as the acquisition and holding of digital assets including virtual assets and to promote new business operations related to blockchain technology R&D.