SK Planet and Wemade have terminated the partnership based on their financial relationship. SK Planet will focus on activating OK Cashbag, while Wemade aims to launch new games and expand its platform. Both companies stated that they made this decision citing a focus on their core businesses.
Wemade announced on the 1st that it has repaid approximately 22.2 billion won in convertible bonds (CB) held by SK Planet, which included principal and interest. The maturity date was September 22, 2028, but it was settled early. SK Planet also acquired all of the equity (approximately 12.39%) held by Wemade and its subsidiary Jeonggi IP in the form of its own shares. SK Planet plans to review the method of disposing of the Wemade common stock equity (approximately 1.27%) that it did not sell this time through various means.
The two companies entered into a strategic partnership in September 2023 and proceeded with mutual equity investment. At that time, SK Planet acquired 20 billion won in convertible bonds issued by Wemade and purchased about 1.27% of the shares held by Chairman Park Kwan-ho, Wemade's largest shareholder. Wemade and its subsidiary Jeonggi IP previously acquired approximately 12.39% of SK Planet's equity from its parent company SK Square.
During the partnership agreement, there was a put option clause stating that if Wemade were entangled in lawsuits, it would repay early. However, the recent hacking incident of the virtual currency wallet of Wemade's subsidiary WEMIX does not meet the criteria set by SK Planet for activating the put option, and both companies maintain that the early repayment was made through a separate agreement.
In the future, SK Planet plans to concentrate on activating its core business, OK Cashbag. The largest shareholder, SK Square, is currently implementing a rebalancing strategy to improve portfolio profitability through operational improvements and the liquidation of non-core businesses.
SK Planet is also working to enhance business efficiency and improve profitability in line with this management stance. The newly launched membership, 'Oki Club,' garnered 320,000 subscribers in just four months after its launch. Last month, the OK Cashbag app underwent a complete overhaul.
Wemade is preparing for the global launch of 'Midnight Walkers' and 'Legend of Emir' in the second half of the year and plans to focus on improving profitability through a series of new game releases. At the same time, it is expected to work on expanding its blockchain game platform, 'WEMIX Play.'