Dunamu Completes US GAAP Transition Amid Ongoing Share Swap Uncertainty

Dunamu, operator of South Korea's largest cryptocurrency exchange Upbit, has completed its transition to U.S. Generally Accepted Accounting Principles (US GAAP) and entered the practical phase of preparing for a Nasdaq listing.

This marks the first step towards a U.S. stock market listing, with subsequent steps expected to proceed sequentially: filing a registration statement with the Securities and Exchange Commission (SEC), audits by a Public Company Accounting Oversight Board (PCAOB)-registered accounting firm, and internal control verification under the Sarbanes-Oxley Act.

The company has been pursuing a comprehensive share swap with Naver Financial since September of last year. The exchange ratio is 2.54 Naver Financial shares for each Dunamu share, which will be finalized on December 31 following a shareholders' meeting scheduled for November 19.