This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:43 p.m. on Mar. 17, 2026.
The sale of CANVAS N, a KOSDAQ-listed company, is running into difficulties. A former Bithumb CEO stepped up as an acquisition candidate but likewise failed to make the capital payment, and a new bidder has reportedly emerged. However, the company is preparing a plan B in case the sale falls through, as acquisition candidates have repeatedly failed to raise funds for six months.
According to the investment banking (IB) and capital markets industry on the 17th, Crazyfix has reportedly emerged as a new bidder for CANVAS N. Crazyfix plans to purchase new shares through the ongoing paid-in capital increase and become the largest shareholder of CANVAS N.
CANVAS N has been pushing to sell management control since the second half of last year. About a year after the current largest shareholder, DB Investment Association, acquired it, the company was put back on the market. DB Investment Association is controlled by Nano Chem Tech, a KOSDAQ-listed company.
However, the sale of CANVAS N has not been concluded as potential buyers have changed several times. A nonlisted company CEO surnamed K and Wonjeong Infrastructure Holdings stepped up and the deal seemed close, but none ultimately made the payment. In particular, Wonjeong Infrastructure Holdings paid about 9 billion won in several installments but failed to pay the remaining balance. Early this year, former Bithumb CEO Kim Dae-sik appeared as a reliever, raising expectations that the sale would go through, but the former CEO also failed to secure funds.
Currently, SG Mirae Vision No. 2 and No. 3 investment associations are listed as allottees for the paid-in capital increase. CANVAS N plans to raise 14 billion won through this paid-in capital increase. When the capital increase is completed, 10.67 million new shares will be issued, close to half of the 24.23 million existing shares.
On the surface, Nano Chem Tech, the current controlling shareholder, appears to be participating in this paid-in capital increase. SG Mirae Vision No. 3 is majority-owned by Nano Chem Tech, the existing largest shareholder of CANVAS N, and SG Mirae Vision No. 2 is also majority-owned by a related party of Nano Chem Tech. In effect, the current largest shareholder is providing the funds.
However, a different party is reportedly providing the funds for the capital increase. The newly emerged bidder is Crazyfix, a nonlisted company. At the regular shareholders meeting on the 26th, Crazyfix Chair Jeong Seung-woo and Crazyfix Chief Operating Officer Park Seong-mi are slated to be newly appointed as inside and outside directors, respectively.
Still, there is skepticism over whether Crazyfix can raise the funds for the capital increase. Crazyfix previously pursued the acquisition of KeyEast, an entertainment agency that came on the market, but the deal reportedly fell through over price. Although the 14 billion won for CANVAS N's capital increase is not large, industry officials said funding will likely be difficult again this time. Crazyfix was founded last August with paid-in capital of 10 million won.
An industry official said, "Crazyfix became known as a new acquisition candidate for CANVAS N after the former CEO Kim, but the paid-in capital increase has already been postponed once because it failed to secure funds," adding, "I understand that the payment date scheduled for the 25th is effectively the last line."
If Crazyfix fails to secure funds by the payment date for the capital increase, the sale of CANVAS N will likely fizzle out. However, there is still a need to inject funds, so Chair Kim Young-jin, who is close to the current largest shareholder, is expected to participate in the capital increase. If Chair Kim puts in the funds, this sale would effectively amount to new financial investors (FI) entering. Kim is currently serving as chair of CANVAS N. (Related article☞Is the stock-rigging money line that the special counsel for Kim Keon-hee is watching the CANVAS N chair? ... Sale pains ahead)
Since the acquisition by the current largest shareholder's side, the share price of CANVAS N has plunged, and the complex debt that arose among investors has not been resolved. The resulting risk is also hindering the sale. With audit season underway, it is unclear where an issue might erupt.
If this paid-in capital increase is completed, CANVAS N is expected to move to defeasance through methods such as issuing convertible bonds (CB).