SEOUL, Dec. 12 (Korea Bizwire) – An e-commerce business has successfully passed the preliminary rounds of a review by the Korea Exchange that, if successful, will see it listed on the KOSDAQ as the first beneficiary of the “Tesla Policy”.
The Tesla Policy, set forth by the Korea Exchange, grants companies currently operating in the red the opportunity to go public on the strength of future growth potential tied to technology or business ideas.
Cafe24, the business that applied for the Tesla Policy-granted exemption, did not turn a profit in 2016, but did so in the first half of this year. The company offers a variety of internet-based business solutions.
Provided there are no hiccups in the review process, Cafe24 is expected to be listed by February. It intends to use the funds raised from its stock listing for new market entry and R&D efforts to diversify its business offerings.
On December 11, a special acquisition company (SPAC) merger and a SPAC stock listing also passed the Korea Exchange’s preliminary review.
The SPAC merger involves Unimax Information Systems, a producer of aircraft infrastructural equipment and guidance computer units that brought in 1.7 billion won in profit from 17 billion won in revenue.
The other SPAC entity, titled “Hana Finances 11” was established on November 3 with the ultimate goal of merging with a company in an industry with positive future prospects.