Cube Entertainment Decides to Acquire Treasury Shares... Efforts to Enhance Shareholder Value

[Asia Economy Reporter Jang Hyowon] Cube Entertainment announced on the 14th through a public disclosure that it will acquire approximately 150,000 treasury shares from the 15th until July 31. This amounts to about 2 billion KRW based on the previous day's closing price.

The Cube Entertainment management explained the reason for the treasury stock acquisition decision, stating, "We judged that the stock price has fallen significantly compared to the company's value due to recent international stock market influences, and we aim to enhance shareholder value by minimizing the shock of stock market declines caused by various domestic and international factors through the acquisition of treasury shares."

Meanwhile, Cube Entertainment announced in its Q1 report last May that it achieved a record-high quarterly consolidated revenue of 25.5 billion KRW, and it expects to break its highest-ever sales record this year.

A Cube Entertainment representative said, "The 'Tomboy' syndrome of (G)I-DLE has continued since April, and Miyeon, the main vocalist of (G)I-DLE, released her first solo mini-album in April, maintaining momentum. Also, offline performances, which were impossible due to the COVID-19 pandemic, have recently resumed. Our artists, including (G)I-DLE, who will kick off their world tour with a Seoul concert on the 17th, are planning domestic and international performances, so we expect explosive growth in the entertainment business even after Q1."

Additionally, Cube Entertainment established a joint venture, ANICUBE ENTERTAINMENT (hereafter 'Anicube'), last year with Animoca Brands, the parent company of The Sandbox and a global leader in blockchain technology. They are preparing to launch NFT issuance and a music metaverse platform. Recently, Anicube conducted an airdrop of NFTs utilizing Cube Entertainment's IP, and the final number of applicants surpassed 2.3 million within two weeks, demonstrating concrete results and actively advancing their blockchain business.