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Posted by Sophie-Ha Friday, November 17, 2023

HYBE clarifies that the BTS members did not sell all their stock

AKP STAFF

On November 16, it was reported by one media outlet that the members of BTS decided to sell all of their HYBE Labels stocks. The report also stated that Bang Si Hyuk decided to sell 6.65% of his shares. HYBE has released a statement clarifying that the BTS members did not sell their shares.

According to the report on the Situation of Massive Stockholding released on November 14, the special contract between the seven members and chairman Bang Si Hyuk has come to an end. Based on the report made, all seven members of BTS put their HYBE Labels stocks on the market in September of this year; however, they did not sell all of their shares.

HYBE explained on November 17, "BTS members did not sell their shares. It just means that the special relationship is no longer applicable as the agreement between Chairman Bang Si Hyuk and the BTS members as shareholders has ended. And this does not have any relation to the sale or change of shares."

Previously, the members of BTS were engaged in individual shareholder contracts with Bang Si Hyuk, wherein they had delegated their voting rights to the Chairman.

However, following the recent renewal of contracts between the members and the agency, it has been reported that these specific shareholder agreements have concluded. Consequently, all seven members of BTS now possess and can exercise their own voting rights as shareholders at HYBE.

In September 2020, during the period when Big Hit Entertainment (now HYBE) was preparing for its initial public offering (IPO), it was reported that Bang Si Hyuk, the company's founder, generously distributed 68,385 shares of company stock to each of the seven members of BTS.

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TheSquid
TheSquid19,659 pts Friday, November 17, 2023 4
Friday, November 17, 2023

So, basically, that previous article was more or less fact-free. Honestly, doesn't anyone check these things before they get published?

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Dr_Little
Dr_Little10,835 pts Friday, November 17, 2023 0
Friday, November 17, 2023

Good they clarified that. I checked relevant sources and it is actually more important that Netmarble sold block shares valued at $400m. That happened few days ago. Most importantly they sold 2.5m shares (6%) with 8% discount (Citi led the bookbuilding) that’s the real news. So add that to Bang’s sale (app same amount) and here it is the whole picture. Markets reacted naturally with price correction at such huge amounts changing hands.

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