[Edaily Reporter Hyera Lee ] K-Auction ( K Auction Inc.(102370)) announced on the 2nd that it has decided to acquire, without consideration, all 500,000 shares of its common stock held by its largest shareholder, T.A. Advisors LLC, for the purpose of canceling them.

This acquisition will be conducted over-the-counter, with the scheduled acquisition period running from September 28 to 30. The acquisition price is 0 won, and the company plans to cancel the acquired treasury shares.
K Auction Inc. had previously completed the cancellation of all 1,340,920 treasury shares it held on the 24th of last month. The company explained that this free-of-charge acquisition of shares held by the largest shareholder is a follow-up measure to enhance shareholder value.
A K Auction Inc. official stated, “The largest shareholder decided to acquire these shares free of charge to support the company’s decision to cancel its existing treasury shares,” adding, “We will continue our efforts to enhance shareholder value in line with our mid- to long-term growth and earnings improvement.”
T.A. Advisor had purchased more than 160,000 treasury shares on the open market through May and announced plans on the 29th of last month to acquire an additional 350,000 shares on the open market. This time, the company decided to donate 500,000 treasury shares, valued at approximately 1.5 billion won, to the company free of charge for full cancellation.
The largest shareholder stated, “This donation is a decision made to repay investor trust and practice responsible management,” adding, “We will continue our efforts to restore investor confidence and enhance shareholder value in the future.”
Meanwhile, K Auction Inc. is working to improve profitability and restore its financial performance based on its art auction business and the fractional art investment business operated by its subsidiary, Together Art.