Ray’s Largest Shareholder Ray Holdings Sells Entire Stake to Graphy

Ray Holdings, the largest shareholder of KOSDAQ-listed Ray, has sold its entire stake in the company.

In a report on the ownership status of specific securities by executives and major shareholders submitted to the Electronic Disclosure System (DART) on the 21st, Ray Holdings disclosed that it had sold all 1,686,228 of its common shares in Ray. The sale reduced Ray Holdings’ stake in Ray to 0%.

The sale took place off-market over two days, on the 15th and 16th. Ray Holdings transferred 1,209,709 shares on the 15th and the remaining 1,686,228 shares on the 16th, each at 12,024 won per share.

The transaction was made under a stock purchase agreement signed with Graphy on Aug. 10. Under the agreement, Ray Holdings transferred its shares to Graphy.

Ray Holdings previously acquired 1,428,983 common shares in Ray through a new share listing in August 2019. It acquired an additional 1,428,983 shares through a bonus issue in June 2021, bringing its holdings to 2,857,966 shares.

On April 30 this year, Ray Holdings acquired 37,971 shares at 9,480 won per share through the exercise of conversion rights on nonvoting convertible preferred shares, increasing its holdings to 2,895,937 shares. The off-market sale disposed of all of these shares.

Ray has 15,640,021 shares issued.