Nvidia's planned $1 billion investment in South Korean internet company Naver is projected to give the chipmaker a substantial ownership position, making it the company's third-largest shareholder.
Naver will use the exchange rate in effect Tuesday, Nov. 3, to determine the number of new common shares Nvidia receives. Payment is scheduled for Friday, Nov. 6. The issue price is 204,500 won per share.
The new stock is targeted to begin trading Nov. 27 and will carry a one-year restriction on sales. After the issuance, Nvidia's stake is estimated at about 4.54% of Naver. The founder's ownership is projected to move from 4.03% to about 3.84%.
Naver had lined up at least $9 billion to fund computing infrastructure. In July, Naver and Nvidia announced plans to develop large-scale AI factories for use around the world.
