DigitalX Moves to Raise $35.3M After Korbit Acquisition
TL;DR:
- DigitalX, operator of the Korbit exchange, approved a capital increase of around 50 billion won ($35.3M) through the issuance of new shares.
- All new shares will be subscribed by Mirae Asset Consulting, which acquired 97.15% of the company in July for $91.5M.
- The funds will be used to improve the company’s financial structure and address urgent operational management needs.
DigitalX, the operator of South Korean cryptocurrency exchange Korbit and recently acquired subsidiary of the Mirae Asset group, approved a capital increase of approximately 50 billion South Korean won, equivalent to $35.3 million.
According to a report by South Korean news agency News1, the company’s board approved the issuance of more than 10 million new ordinary shares at a price of 4,961 won ($3.5) per share. The entire issuance will be subscribed by Mirae Asset Consulting, the controlling shareholder of the company. Payment is scheduled for August 27.
DigitalX stated that the funds raised will be used to improve its financial structure and address urgent management needs.
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