UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. )*

 

 

WEBTOON ENTERTAINMENT INC.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

94845U 105

(CUSIP Number)

September 30, 2024

(Date of Event Which Requires Filing of this Statement)

 

 

Check the Appropriate Box to Designate the Rule Pursuant to Which this Schedule Is Filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 1.   

 Names of Reporting Persons

 

 LY Corp

 2.  

 Check The Appropriate Box if a Member of a Group (See Instructions)

 (a) ☐  (b) ☐

 

 3.  

 SEC Use Only

 

 4.  

 Citizenship or Place of Organization

 

 Japan

Number of

Shares  Beneficially 

Owned By

Each

Reporting

Person

With

    5.   

 Sole Voting Power

 

 31,432,480

   6.  

 Shared Voting Power

 

 0

   7.  

 Sole Dispositive Power

 

 31,432,480

   8.  

 Shared Dispositive Power

 

 0

 9.   

 Aggregate Amount Beneficially Owned by Each Reporting Person

 

 31,432,480

10.  

 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares

 

 ☐

11.  

 Percent of Class Represented By Amount in Row (9)

 

 24.5%(1)

12.  

 Type of Reporting Person (See Instructions)

 

 CO

 

(1)

Calculated based on 128,272,591 shares of common stock outstanding as of August 2, 2024, as reported by the Issuer in its Form 10-Q filed with the Securities and Exchange Commission on August 12, 2024.

Item 1(a).

Name of Issuer

WEBTOON Entertainment Inc. (the “Issuer”)

 

Item 1(b).

Address of the Issuer’s Principal Executive Offices

5700 Wilshire Blvd., Suite 220, Los Angeles, CA 90036

 

Item 2(a).

Names of Persons Filing

This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the “Reporting Persons”:

This statement is filed by LY Corp, referred to herein as the “Reporting Person.”

 

Item 2(b).

Address of the Principal Business Office, or if none, Residence

Kioi Tower, 1-3 Kioicho, Chiyoda-Ku, Tokyo, Japan, 102-8282

 

Item 2(c).

Citizenship

See response to Item 4 on the cover page.

 

Item 2(d).

Title of Class of Securities

Common stock, par value $0.0001 per share

 

Item 2(e).

CUSIP Number

94845U 105

 

Item 3.

If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a (n):

Not Applicable.

 

Item 4.

Ownership

 

  (a)

Amount beneficially owned:

See response to Item 9 on the cover page.

 

  (b)

Percent of Class:

See response to Item 11 on the cover page.

 

  (c)

Number of shares as to which the Reporting Person has:

 

  (i)

Sole power to vote or to direct the vote:

See response to Item 5 on the cover page.

 

  (ii)

Shared power to vote or to direct the vote:

See response to Item 6 on the cover page.

 

  (iii)

Sole power to dispose or to direct the disposition of:

See response to Item 7 on the cover page.

 

  (iv)

Shared power to dispose or to direct the disposition of:

See response to Item 8 on the cover page.

This Statement shall not be construed as an admission the Reporting Person is, for the purpose of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this Statement.

 

Item 5.

Ownership of Five Percent or Less of a Class

Not Applicable.

 

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not Applicable.

 

Item 7

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company

Not Applicable.

 

Item 8.

Identification and Classification of Members of the Group

Not Applicable.

 

Item 9.

Notice of Dissolution of Group

Not Applicable.

 

Item 10.

Certification

Not Applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: November 1, 2024

 

LY CORP
By:   /s/ Takeshi Idezawa
Name:   Takeshi Idezawa
Title:   Representative Director
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