SOOP will cancel treasury shares equivalent to about 2.7 percent of its total shares outstanding.

SOOP said on Sept. 7 that it held a board meeting on Sept. 4 and decided to cancel 306,375 common shares held by the company. The planned cancellation amount is about 18.9 billion won based on book value. The cancellation is scheduled for Sept. 10.

The shares to be cancelled are treasury shares SOOP had previously acquired and held. After the cancellation, total shares outstanding will fall, but capital stock will not be reduced because the company is eliminating treasury shares acquired within the range of distributable profits.

The cancellation is part of a previously flagged plan for using treasury shares. Key executives, including co-CEOs Youngwoo Choi (최영우) and Minwon Lee (이민원), bought the company’s shares on the market in June as part of responsible management. The company has also said in its second-quarter earnings release that it would spell out its plan for using treasury shares within the year.

SOOP also set out a shareholder return policy to pay at least 25 percent of consolidated net profit in cash dividends over the next three years. It also plans to promote a streamer-user ecosystem and advance its service and revenue structure.

A SOOP official said, "This treasury share cancellation is a decision to return value to shareholders and enhance shareholder value." The official added, "We will strengthen responsible management and communication with the market, and build a foundation for growth in our core platform business."