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(New York = Edaily correspondent Kim Sang-yoon) It was revealed that Webtoon Entertainment (Naver Webtoon) CEO Kim Jun-koo has started buying back shares worth $510,000 (about 680 million won).
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According to the U.S. Securities and Exchange Commission (SEC) on the 20th, CEO Kim purchased 22,596 treasury shares at an average price of $11.88 on the 16th.
Then, on the 19th, 16,804 shares were purchased at $12.7, and on the 19th, 2,131 shares were purchased at $13.07.
With this, Kim’s total webtoon stock holdings increased to 924,005 shares.
President Kim started buying his own shares because the stock price plummeted due to poor performance recently. Webtoon Entertainment was listed on the Nasdaq at the end of June and began trading at a public offering price of $21, but its stock price plummeted by about 40% after the performance announced on the 8th did not meet Wall Street expectations.
Webtoon Entertainment’s stock price surged more than 6% as of 10:20 a.m. on the same day due to the news of Kim’s stock purchase. Naver Webtoon revealed the reason why the management bought the stock, saying that “the purpose is to share shareholder benefits based on our belief in the long-term development of the company.”
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