Dunamu, the operator of digital asset exchange Upbit, said it will step up its initial public offering once procedures for a comprehensive share swap with Naver Financial are completed. It also said it has sufficient funds to respond to possible large-scale exercises of appraisal rights that could arise during the merger process.

Dunamu held its 14th annual general meeting of shareholders on Monday and passed agenda items as proposed, including approval of financial statements and decisions on limits for directors' and auditors' remuneration.

Shareholders holding 71 percent of voting shares attended the meeting. Dunamu posted consolidated revenue of 1.56 trillion won and operating profit of 869.3 billion won last year, recording an operating margin of 55.8 percent.

The meeting focused on merger and IPO plans with Naver Financial after a recent corrected disclosure pushed back the schedule.

Dunamu Chief Executive Kyung-seok Oh (오경석) explained the delay, saying the company is currently undergoing procedures for merger approval by the Fair Trade Commission and approval by the Financial Services Commission for a change in major shareholder. He said the deal is large and without precedent, and that authorities appear to need time to find a reasonable direction, adding that the company is actively submitting required materials and cooperating closely.

On the timing of the IPO, the company made clear that closing the transaction with Naver Financial is a precondition.

Chief Financial Officer Seung-hyun Nam (남승현) said the "listing within five years" previously mentioned in media reports refers to the final contractual deadline. He said the company will prepare for listing in line with the transaction's completion so it can go public immediately. He said it has not yet reached a conclusion on the listing market.

Asked about suggestions that appraisal rights by dissenting shareholders could exceed a limit of 1.2 trillion won given that Dunamu shares are trading in the 300,000 won range on the unlisted stock market, Oh said most shareholders view the merger positively. He said the company has secured sufficient funds for buyouts linked to share price fluctuations.

It also presented its position on pending issues, including a Solana-related hacking incident that surfaced last year and a first-instance lawsuit related to a partial business suspension scheduled for April 9.

Oh said he was sorry for causing concern over the hacking incident. He said the company viewed restructuring the overall team structure and increasing security investment as a priority over internal disciplinary action.

On the business suspension lawsuit, he stressed that the company is assessing legal risks and that three companies including Naver Financial are cooperating to complete the transaction smoothly.

For future direction, the company pointed to combining artificial intelligence with blockchain and targeting overseas markets.

Oh said that after the merger with Naver Financial, the company could actively seek strategic cooperation and mergers and acquisitions with traditional financial firms. He said it is preparing AI agent wallet and trading services, and is also concretely reviewing efforts to attract corporate and foreign customers and overseas expansion including Upbit Global and Vietnam.