Greenoaks, the investment firm that signaled an investor-state dispute settlement (ISDS) case against the Korean government, has additionally bought shares of Coupang's U.S. unit, "Coupang Inc." The purchase totals $137 million (about 206 billion won).
Neil Mehta, a major Coupang shareholder and a Coupang director, said on the 13th (local time) in a filing with the U.S. Securities and Exchange Commission (SEC) that he additionally bought 7,350,104 Class A common shares from the 11th to the 13th.
With this stock purchase, Director Mehta's total Coupang shares came to 55,310,977. Based on Coupang's regular-session closing price that day ($18.45), the value is about $1.02 billion (about 1.5 trillion won).
Director Mehta indirectly holds Coupang equity through Greenoaks Capital and others. Mehta founded the firm and also serves as a partner.
In addition, Director Mehta separately holds 78,773 restricted stock units (RSUs) received as director compensation.
Director Mehta's additional purchase of Coupang equity came right after Greenoaks and Altimeter withdrew on the 9th their petition to the Office of the United States Trade Representative (USTR) for a Section 301 investigation under U.S. trade law. As the reason for the withdrawal, they said they considered that the USTR plans to pursue a broader Section 301 investigation.
Separately, they plan to proceed with ISDS proceedings against the Korean government.