Naver Financial has postponed the completion of its all-stock share swap with Dunamu for a second time, extending the closing date to December 31 as regulatory approvals remain pending. According to a regulatory filing disclosed by Dunamu, the planned comprehensive share exchange has been rescheduled from September 30 to December 31, following an earlier postponement that moved the timeline from June 30 to September. The deal remains subject to multiple regulatory approvals and could face further delays or cancellation if those processes are not completed.
The filing maintained the exchange ratio at 2.5422618 Naver Financial shares for every one Dunamu share and repeated that completion depends on approvals from South Korea's Fair Trade Commission, clearance for changes in major shareholders under the Credit Information Act, and notifications required under the Act on Reporting and Use of Specific Financial Transaction Information. Dunamu warned in the filing that delays in approval processes could push the schedule back further or even prevent the share exchange from being completed. The company also noted that ongoing discussions around South Korea's proposed Digital Asset Basic Act could affect the transaction depending on the final form of the legislation once it is enacted and implemented.
Regulatory oversight has intensified since the transaction was first announced, with South Korea's Financial Supervisory Service ordering Dunamu to correct omissions in its disclosure related to the merger after identifying missing or inaccurate information concerning future corporate restructuring plans and other matters important to investors. The regulator's review came as lawmakers continued debating the Digital Asset Basic Act, with proposed limits on major shareholders of virtual asset exchanges potentially affecting Naver Financial's plan to acquire full ownership of Dunamu. Dunamu has previously stated that it intends to proceed with the transaction despite the legislative uncertainty.
The all-stock deal, confirmed in late 2024, values Dunamu at around ₹8,000 crore and is expected to bring the operator of Upbit under Naver Financial. The companies have outlined plans to cooperate on digital asset services, including the development of the Silk Pocket stablecoin wallet alongside blockchain investment firm Hashed and the Busan Digital Exchange. The latest delay comes after Naver Financial previously postponed the transaction in March, when it moved the expected completion date from late June to September while citing regulatory approval procedures and legal developments.
