Dunamu, parent company of Upbit, responded to its Nasdaq listing plans: It confirmed it has held discussions with the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), and plans to establish an IPO committee.
49 minutes ago
South Korean crypto exchange Upbit operator Dunamu has responded to U.S. listing rumors, confirming it has held discussions with the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), but noting that a U.S. listing has not been finalized, nor has the company converted its financial statements to U.S. Generally Accepted Accounting Principles (GAAP). Dunamu added that it is currently working with Naver Financial to complete a share swap by December 31, with respective valuations of 15 trillion won and 5 trillion won. The swap ratio is roughly 2.54 Naver Financial shares per Dunamu share. Upon completion of the transaction, the two parties plan to set up an IPO committee within a year to pursue the listing. Market observers point to Nasdaq as a potential listing venue, primarily because Naver is already listed on a South Korean exchange; if Dunamu were to list again in South Korea as its subsidiary, it could face regulatory restrictions on "duplicate listings of parent and subsidiary entities." If Dunamu ultimately opts for a U.S. listing, it may do so via American Depositary Receipts (ADRs). The firm’s South Korean legal entity and Upbit operations will remain intact, and user services such as won-denominated deposits and withdrawals are not expected to be directly impacted.
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