South Korea's Financial Supervisory Service ordered Dunamu to correct its disclosure on a comprehensive stock swap and transfer with Naver Financial. The watchdog cited the omission of important matters related to future corporate restructuring plans and investment decisions.

The Financial Supervisory Service's electronic disclosure system showed on Thursday that the watchdog had reviewed a major matters report Dunamu submitted on March 30 on the stock swap and transfer decision. It said it found important omissions or false statements in the filing and issued a correction order that day.

The Financial Supervisory Service cited Article 164 of the Capital Markets and Financial Investment Business Act. It urged investors to refer to the correction order because related 내용 in the major matters report could change.

Earlier, Dunamu disclosed through an amended filing on March 30 that it would delay the stock swap schedule with Naver Financial by 3 months, from June 30 to Sept. 30. The scheduled date for a shareholders' meeting was also changed from May 22 to Aug. 18.

Dunamu cited the possibility of delays in government approval procedures, including Fair Trade Commission approval for a business combination, approval under the Credit Information Act for a change of Naver Financial's largest shareholder, and acceptance of a report under the Act on Reporting and Using Specified Financial Transaction Information for a change in Dunamu's largest shareholder.

It also pointed to the legislative situation for the Digital Asset Basic Act, which is currently under discussion, as a key variable.

Dunamu explained in its disclosure that the content of the relevant law, once enacted and implemented, could affect the progress or outcome of the comprehensive stock swap.

Once the stock swap is completed, Naver Financial and Dunamu will remain as independent surviving corporations in a 100 percent parent-subsidiary relationship. The swap ratio between Dunamu and Naver Financial was set at 1 to 2.5422618.