Kurly to Stabilize OTC Share Price with ₩15 Billion Buyback

Kurly has taken proactive steps to enhance shareholder value and stabilize the market by conducting a public tender offer for 15 billion won worth of its own shares. The board of directors resolved to acquire up to 1 million shares (approximately 2.4% of outstanding shares) at a price of 15,000 won per share, and shareholders can apply to sell their shares through NH Investment & Securities from April 11 to May 7. The target for acquisition is shareholders as of December 31, 2023. This decision reflects Kurly's commitment to address the undervaluation of its stock in the over-the-counter (OTC) market and improve the situation where its intrinsic value is not properly reflected due to low trading volume. At the same time, it provides an exit opportunity for investors seeking liquidity. Kim Jong-hoon, Kurly's Vice President and Head of Management (CFO), stated, "We aim to reward shareholders and express confidence in our corporate value, leveraging our robust cash-generating ability, which was proven by achieving adjusted EBITDA profitability last year." He also emphasized that with abundant cash and cash equivalents amounting to 223.7 billion won, the share buyback would not impact cash flow or future growth investments at all. Kurly plans to focus investments on expanding revenue growth based on improved profitability this year, and expects to achieve a significant leap forward, surpassing market growth as it celebrates its 10th anniversary. Meanwhile, Kurly stated that this share buyback is not directly related to its initial public offering (IPO) plans, and reaffirmed its policy to re-pursue an IPO when market conditions allow for a proper valuation of the company.