New Risk • Jul 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.90m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩24b free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-₩22b). Market cap is less than US$10m (US$9.90m market cap). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Jun 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩24b free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-₩22b). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (US$16.7m market cap). Duyuru • May 28
K Wave Media Ltd., Annual General Meeting, Jul 10, 2026 K Wave Media Ltd., Annual General Meeting, Jul 10, 2026. Location: 1775 tysons blvd, tysons, virginia 22102, United States New Risk • May 27
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₩22b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩24b free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-₩22b). Minor Risk Market cap is less than US$100m (US$16.9m market cap). Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director YK Chong was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jan 27
K Wave Media Ltd. (NasdaqGM:KWM)completed the acquisition of 55% stake in Rabbit Walk Inc. from a group of shareholders. K Wave Media Ltd. (NasdaqGM:KWM) entered into a Share Purchase Agreement to acquire 55% stake in Rabbit Walk Inc. from a group of shareholders for KRW 6.3 billion on August 27, 2025. A stock consideration of KRW 9.08 billion valued at KRW 82,500 per share in common equity will be issued by K Wave Media Ltd. An earnout payment of KRW 9.08 billion in common equity will be issued by K Wave Media Ltd. if Rabbit Walk Inc achieves operating profit exceeding KRW 1.2 billion. As part of the consideration K Wave Media Ltd. will pay a total of KRW 18.2 billion for the common equity of Rabbit Walk Inc. As of December 31, 2024, Rabbit Walk Inc. reported revenue of KRW 15.38 billion.
The transaction is subject to customary closing conditions, approval by regulatory board / committee, and third party consents. The acquisition of Rabbit Walk deal is expected to close within the next several weeks.
K Wave Media Ltd. (NasdaqGM:KWM)completed the acquisition of 55% stake in Rabbit Walk Inc. from a group of shareholders on January 26, 2026. Duyuru • Nov 05
K Wave Media Ltd. Appoints Yong Fang as Chief Financial Officer K Wave Media announced the appointment of Yong (Howard) Fang as its new Chief Financial Officer (CFO). Fang brings extensive financial and operational expertise to K Wave Media, with a proven track record in capital markets, investor relations, and global financial strategy. Over his career, he has played a pivotal role in helping take two companies public via both initial public offering (IPO) and reverse takeover (RTO)and has deep experience in financial reporting, compliance, and capital raising. Before joining K Wave Media, Fang served as Chief Financial Officer of Baijiayun Group, where he led financial strategy during a period of significant corporate expansion. He previously held senior finance roles at GigaCloud Technology as Director of Finance, Sanergy Group as Associate Global Controller, and began his career as a Senior Auditor at Marcum LLP. Fang holds a Bachelor of Science in Management from Hunan University, a Master of Science in Accounting and Financial Management from Temple University, and an MBA from Thomas Jefferson University. Duyuru • Sep 30
K Wave Media Announces Plans to Launch One of the First Entertainment Tokenization Platforms with Strategic Investment from Galaxy Digital and Backing from Korea's Leading IP Companies KWaveMedia announced plans to develop one of the industry's first entertainment tokenization platforms. The platform will offer innovative tools such as revenue-sharing tokens that enable fractional ownership in films, concerts, branded content, and IP rights, along with smart contract-based automated royalty distribution to ensure transparent payouts to creators, investors, and rights holders. Even ahead of its official launch, more than 37 leading Korean content producers and IP holders have signed MOUs to participate in and utilize the platform. As part of this initiative, Galaxy Digital -- already serving as KWM's AssetManager and StrategicAdvisor--made an approximately $1 million equity investment in KWM and received warrants for additional shares. KWM seeks to transform how entertainment projects raise capital and how fans engage with their favorite stars and creative works. The platform will also accept Bitcoin as a means of payment and investment, positioning it at the forefront of digital finance in the entertainment sector. KWM's approach combines the global influence of Korean media, institutional-grade financial frameworks, and Web3 innovation -- creating a new blueprint for public companies in the tokenization era. With its cross-border strategy, KWM is uniquely positioned to connect Korean retail markets, U.S. institutional investors, and global crypto communities, creating a powerful multi-market growth engine. This investment represents a significant milestone in KWM's evolution and sets the stage for a new era of tokenized entertainment and borderless capital engagement. Duyuru • Sep 02
K Wave Media Ltd. (NasdaqGM:KWM) signed an agreement to acquire 55 percent stake in RABBIT WALK INC. for $13 million. K Wave Media Ltd. (NasdaqGM:KWM) signed an agreement to acquire 55 percent stake in RABBIT WALK INC. for $13 million on September 2, 2025. At the closing of the transaction, KWM will acquire a 55% stake, with managerial control in Rabbit Walk, a distinguished visual effects, AI-powered advertising, and 3D content studio, by issuing 9 billion KRW ($6.5 million) of KWM’s ordinary shares. A further 9 billion KRW ($6.5 million) of equity will be issued only if Rabbit Walk achieves operating profit exceeding 1.2 billion KRW ($800,000) in either 2025 or 2026. The precise number of shares will be based on the then-current exchange rate between KRW and U.S. Dollars. The shares will not be issued if Rabbit Walk does not meet this profitability threshold. Target recorded $10.7 million revenue in 2024 with compound annual growth rate of 22% during 2020-2024 and 12-19% EBIT during 2020-2024. Duyuru • Jul 22
K Wave Media Ltd. announced that it expects to receive funding from Galaxy Digital Inc. K Wave Media Ltd. announced a private placement with new investor Galaxy Digital Inc. on July 21, 2025. Duyuru • Jul 10
K Wave Media Ltd. Announces Resignation of Director Han Jae (Patrick) Kim from Board, Effective July 5, 2025 On July 5, 2025, Han Jae (Patrick) Kim notified K Wave Media Ltd. of his decision to resign from his position as a member of the Company’s board of directors, effective immediately. Mr. Kim’s resignation from the Board was not the result of any disagreement with the Company. As a result of Mr. Kim’s resignation, the Board acted to immediately reduce the size of the Board from eight directors to seven directors. Duyuru • Jun 12
K Wave Media Announces Upcoming Content Lineup and Expands Bitcoin Strategic Reserve Plan K Wave Media announced its upcoming slate of film and drama releases for the second half of 2025. Simultaneously, KWM continues executing its Bitcoin (BTC) Strategic Reserve Plan, reinforcing its unique hybrid growth and financial strategy. Since its Nasdaq debut on May 14, 2025, KWM has accelerated production across multiple content verticals through its fully integrated platform spanning content investment, production, distribution, and merchandising. Beginning this summer, KWM will release a diverse lineup targeting both domestic and international audiences via Netflix, major broadcasters, and distributors. Key titles include: Soju Wars (Produced by The Lamp Co. Ltd., distributed by Showbox) -- Premiered in late May. If We were (Produced by Covenant Pictures, distributed by Showbox) -- Starring Koo Kyo-hwan and Moon Ga- young, directed by Kim Do- young, renowned for Kim Ji- young, Born 1982. Trigger (Produced by Bidangil Pictures, starring Kim Nam-gil and Kim Young-kwang) -- A hyper-realistic crime drama premiering on Netflix in July 2025 with a budget of KRW 23 billion (approx. USD 17 million). Aema (Directed by Lee Hae- Young, starring Lee Ha-nee, Bang Hyo-rin, Jin Seon-kyu, and Jo Hyun-chul) -- Set in the 1980s Chungmuro film scene, releasing later this year on Netflix. Mary Kills People (Starring Lee Bo- young and Lee Min-ki) -- A medical crime drama set to air on MBC. The Mediator Project (Starring Han Seok-kyu and Bae Hyun-sung) -- An office comedy tackling societal disputes, air on tvN. Duyuru • Jun 05
K Wave Media Ltd. announced that it expects to receive $500 million in funding from Bitcoin Strategic Reserve KWM, LLC K Wave Media Ltd. announced it has entered into Equity Purchase Facility standby equity purchase agreement with Bitcoin Strategic Reserve KWM LLC for the sale of up to $500,000,000 of ordinary shares on June 3, 2025. Whereas the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall have the right to allot and issue to the Investor, from time to time as provided herein, and the Investor shall subscribe for, such number of Ordinary Shares determined in accordance with this Agreement, for an aggregate subscription price of, up to $500,000,000.