[Asia Economy Reporter Song Hwajeong] Wemade is experiencing a sharp rise following the news of the absorption merger with its subsidiary Wemade Tree, which was in charge of blockchain business.
As of 9:27 AM on the 26th, Wemade was trading at 156,000 KRW, up 16,100 KRW (11.51%) from the previous day. During the session, it rose to 156,100 KRW, setting a new 52-week high.
Wemade announced that its board of directors resolved to absorb and merge Wemade Tree. The merger ratio is 1 to 3.1107206, and the merger date is February 1 of next year. Wemade plans to focus its entire corporate capabilities on the metaverse business linking games and blockchain through this merger. The company intends to build an open platform where all games can be transformed into Play to Earn (P2E) games. Established in January 2018, Wemade Tree has made new attempts over the past three years in blockchain game development, platform business, and non-fungible token (NFT) marketplaces.
Wemade's stock price has surged significantly recently, as it is being recognized for opening the P2E era by integrating blockchain economy into its new release, "Mir4".
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