As the largest shareholder of Maxst, an extended reality (XR) tech company, sells their equity, the stock price is weakening amid disappointment over the acquisition of management rights by the new majority shareholder.
As of 9:35 a.m. on the 24th, Maxst's stock price is trading at 1,322 won, down 6.57% from the previous trading day.
The previous day, Maxst disclosed that its largest shareholder, CEO Bahk Jae-wan, entered into an agreement to transfer 900,100 shares out of 3.9 million shares held to a meta-platform investment consortium. The stock transfer amount is 3 billion 33 million 3,300 won. The transfer price per share is 3,333 won, which represents a 135% premium compared to Maxst's closing price of 1,415 won on that day.
The meta-platform investment consortium will also participate in a 7 billion won third-party allocation of new shares. It is also expected to acquire convertible bonds (CB) of Maxst worth 10 billion won. Consequently, the total amount to be used by the meta-platform investment consortium for the acquisition of Maxst's management rights is approximately 20 billion won.
The largest investor in the meta-platform investment consortium is Playke, a corporation controlled by Kim Byung-jin, an expert in mergers and acquisitions. After founding the IT entertainment company 'Genie Contents' in 1997 and selling it, Kim acquired and sold companies such as Cloud Air, Liveplex, and Kyung-nam Pharmaceutical.