Dunamu, the operator of the Upbit crypto exchange, and Naver Financial have postponed their share-swap deal for the third time. The transaction, originally announced in November 2025, is now expected to close on March 31, 2027, instead of the previously targeted December 31, 2026.
The delay is attributed to ongoing regulatory reviews by the Korea Fair Trade Commission and legislative adjustments related to the Digital Asset Framework Act. Under the deal, Dunamu will become a wholly owned subsidiary of Naver Financial through the issuance of approximately 87.56 million new shares.
The valuation of the new shares is estimated at ₩15.13 trillion. The exchange ratio remains fixed at 2.5422618 Naver Financial shares for each Dunamu share. The companies have not adjusted these terms despite the repeated timeline extensions.
Shareholders have a new schedule for the process: the record date for voting is set for January 18, 2027, while extraordinary shareholder meetings are scheduled for February 26, 2027. The window for exercising appraisal rights will run from February 26 to March 18, 2027.
Naver Financial plans to establish an IPO committee within one year after the deal concludes. However, no specific timeline for a potential public listing has been provided, as the focus remains on completing the merger process.
