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South Korean AI short-drama platform Korai Flix plans to list on the NYSE through a merger with the US-listed shell company APEX Tech Acquisition, with a pre-merger equity valuation of $3.5 billion. According to a 36Kr·AI report, the transaction is expected to close in the first quarter of 2027, and the combined company will be renamed Krflix Group. Korai Flix launched in June 2024 and focuses on AI short dramas, AI virtual companionship, and video creation tools; as of June 30 this year, it had approximately 26 million registered users across 15 countries and regions in Asia. The announcement did not disclose core financial data such as revenue and profit, and the agreement requires that, as of the most recent quarter before closing, the combined net assets be no less than $100 million and registered users no fewer than 20 million. Phoenix Technology also reported information including the $3.5 billion pre-merger valuation and the user scale. No further progress has been disclosed so far.
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Oct 25
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Phoenix Technology
South Korean AI short drama platform Korai Flix plans to go public on the NYSE via SPAC merger at a pre-merger valuation of $3.5 billion
South Korean AI short drama platform Korai Flix has announced that it will merge with shell company APEX Tech Acquisition and list on the NYSE, with a pre-merger equity valuation of $3.5 billion. Korai Flix started in June 2024 and has about 26 million registered users. Its business covers AI-native short dramas, AI virtual companionship, and AI video creation tools, spanning 15 Asian countries and regions including India, Indonesia, and Japan. APEX's new CEO, Florence Ng, previously served as COO of Mega Matrix, an overseas short drama company listed on the U.S. stock market.
Oct 24
36Kr · AI
South Korean AI short drama platform Korai Flix plans to list via SPAC at a $3.5 billion valuation
South Korean AI short drama platform Korai Flix plans to list on the NYSE through a merger with US-listed shell company APEX Tech Acquisition, at a pre-merger equity valuation of $3.5 billion; the transaction is expected to close in Q1 2027, and the combined company will be renamed Krflix Group. Korai Flix launched in June 2024 and focuses on AI short dramas, AI virtual companionship and video creation tools; as of June 30 this year it had about 26 million registered users across 15 countries and regions in Asia, but the announcement did not disclose core financial data such as revenue and profit. The agreement requires combined net assets of no less than $100 million and no fewer than 20 million registered users in the most recent quarter before closing.
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