Neptune said on the 8th that the large stock sale by an individual shareholder was a "simple equity disposal unrelated to the company's new businesses or earnings."
That day, Neptune plunged more than 16% at one point intraday as heavy sell orders hit early in the session. After a sizable portion of shares held by an individual investor in Neptune was sold at the lower limit, sending the stock tumbling, the company issued a statement. Neptune explained, "The shareholder in question is not involved in the company's management at all and will remain unrelated to management going forward."
A Neptune official said, "We understand this sale as securing funds under an individual shareholder's asset management plan that is unrelated to the company's fundamentals," adding, "In terms of proportion to the total number of listed shares and from a governance perspective, there is no impact on management at all."
Neptune, an ad tech company, was acquired by Krafton in Apr. last year. It is currently pushing to strengthen a business model that links ad tech and games through collaboration with Krafton.
Kang Yul-bin, Neptune's CEO, said, "We hope the temporary share sell-off stemming from a shareholder's personal decision will not be mistaken as damage to the company's intrinsic value or future growth potential," adding, "The essence of our business is solid, and we will continue to focus on our core operations and do our best to enhance shareholder value."