South Korea's Korai Flix to go public in US via $3.5 billion SPAC deal

Oct 21 : South Korean entertainment platform Korai Flix will go public in the US through a $3.5 billion special purpose acquisition deal with blank-check firm APEX Tech Acquisition, the companies said on Wednesday.

The deal comes as special purpose acquisition companies (SPACs), an alternative route to public markets, are making a comeback in the US after years of subdued activity.

Korai's platform, launched in 2024, offers AI-generated short dramas and AI companion avatars to roughly 26 million users across 15 countries in Asia.

The combined company will be renamed Krflix Group and is expected to list on the New York Stock Exchange. The deal is expected to close in the first quarter of 2027.

Source: Reuters