[Featured Stock] Artist United Rises on Shareholders' Meeting Approval of 'Lee Jung-jae and Jung Woo-sung' Company Merger

Artist United is showing strong performance. It is interpreted that this is influenced by the news that the merger approval between Artist Company, where actors Lee Jung-jae and Jung Woo-sung are executives and major shareholders, has passed the extraordinary general meeting of shareholders.

As of 10:25 AM on the 13th, Artist United is trading at 17,730 KRW, up 6.74% compared to the previous day.

On this day, Artist United held an extraordinary general meeting of shareholders and approved the merger with the unlisted company Artist Company. Initially, the industry’s attention was focused on whether the merger could proceed amid reports of an investigation into suspected insider trading related to Artist United.

Artist United stated, "When the Financial Services Commission’s investigation began, investigators informed us that our internal employees and major shareholders had no suspicion regarding insider trading, and that insider trading signs were detected externally, requesting the company’s cooperation with materials." They added, "We also conveyed that we would cooperate sincerely and requested that the investigation be conducted swiftly so as not to disrupt our business."

Regarding the allegations related to Artist Company, where actors Lee Jung-jae and Jung Woo-sung serve as inside directors, they clarified, "They are not subjects of the investigation," and explained, "We are cooperating with the investigation by voluntarily submitting materials rather than through a search and seizure."

United has decided to buy shares from shareholders opposing this merger at 17,451 KRW per share. According to the major matters report on the merger decision, if the amount exercised for the stock purchase claim exceeds 8 billion KRW, the merger may be canceled. The period for exercising the stock purchase claim is from today until the 2nd of next month.