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For Lohika to fulfill Kosdaq listing requirements, AVC, being the largest shareholder, must wait for one full year after the Initial Public Offering before it can sell its shares. However, if it is after six months, it can sell up to five percent of its initial shares every month.
According to Venture Company development law, Lohika is classified as a foreign company 1 whereas Altos Venture is classified as a foreign investor 2. Therefore, this means that the Safeguard period is not applicable for any professional investor or a venture capital firm that intends to invest in a venture company.
It is important to note that according to the Special Law for the Promotion of Venture Business (SPLPVB), the new technology investment company is not considered registered. However, if the Kosdaq listing regulation applies to Altos, then it should be considered.
The Foreign Investment Promotion Law (FIPL) obliges any foreign investor from disposing of shares, which it acquired through capital increase using third party allocation. This is applicable for one year after the acquisition day.
For Altos to be considered viable for safeguarding its deposit, it must be ascertained if it is a foreign investor in terms of FIPL regulations, Lohika’s share acquisition date, and its level of acquisition of new share or old share. If Altos is the current largest shareholder, it can only safeguard its deposits for one year.
According to the current U.S.-Korea tax treaty, it is not lawful to import tax on American investors’ Transfer Gain. This means that Altos don’t need to pay capital gain tax. A company is supposed to transfer income tax after selling its old shares. This does not apply to Altos. This is because it is only applicable to a listed company in a stock market. The Act on capital market and investment banking details this.
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