Nasdaq-listed K-Pop related company K Wave Media's board of directors approved a strategic transformation, planning to exit the traditional Korean entertainment business and shift towards AI infrastructure. The company will reallocate the remaining $485 million financing limit from Anson Funds, originally used for Bitcoin treasury strategies, to data centers, computing power, and key AI technology deployment. Meanwhile, K Wave approved the sale of its wholly owned subsidiary Play Co., Ltd. back to the original owner to strip $48 million of debt from its balance sheet. As a result, K Wave's stock price plummeted nearly 25% on Monday, closing at $0.307. (Decrypt)

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