This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gravity Rises on Kim Sale

Gravity (GRVY) surged 21% after controlling shareholder Jung Ryool Kim sold his 52% stake and set plans to quit as a director.

Gravity said the sale covered shares owned by Kim and his children, Jung Ryool Kim, Ji Young Kim, Young Joon Kim and Ji Yoon Kim. The buyers were Ezer and Techno Groove of Japan, a pair of technology ventures controlled by Nichiei Ryu and Taizo and Masayoshi Son.

The buyers said in a Securities and Exchange Commission filing that they might seek to increase their stake but said they wouldn't pay more than the $7.10 an American depositary share they forked over in the initial transaction. The buyers also said they might seek to delist the stock or sell Gravity's assets to a company they control, depending on market conditions and circumstances.

"We expect this sale to result in a change of control in us," the Seoul-based online gaming company said. Its shares rose $1.51 to $8.61.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
GRVY $0.53 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs