Jang Hyun-guk, former CEO of WeMade who led the 'WeMix' project, returns as co-CEO by investing in Action Square
Dec 12, 2024
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Action Square announced on the 12th that CEO Jang Hyun-guk will make a strategic investment in Action Square through a third-party allocation paid-in capital increase and will be appointed as a co-CEO of Action Square from January 1 next year.
Action Square said it expects CEO Jang Hyun-guk to pioneer new areas of blockchain business and investment in game developers, grow the company, and value up shareholder value. CEO Jang was the one who started WeMix in January 2018 and played a decisive role in the growth of WeMix to the extent that he was called the "father of WeMix". Regarding the investment of game developers, it has contributed financial performance based on large-scale commercial success by investing in Korea's No. 1 game developers such as Lionheart, ShiftUp, and Mad Engine.
Action Square CEO Kim Yeon-jun said, `In the era of Trump 2.0, in the midst of a huge trend of changes in blockchain and crypto institutionalization, the experience and capabilities of Jang Hyun-guk will enable Action Square to leap into a completely different company.' It also announced that the existing games being serviced and 'Dunjeon Stokers' that are being prepared to be released will continue to be serviced and developed as planned.
This time, CEO Jang participated in the paid-in capital increase of about 5 billion won, and ST45 New Technology Investment Association decided to invest 20 billion won through the issuance of private equity convertible bonds. The company announced that the funds raised this time will be used for operating funds (including new blockchain businesses) and investments.
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