야놀자, 놀유니버스 IPO 불발…그래디언트 960억 풋옵션 행사

The failure of Nol Universe to meet its IPO deadline and Gradient's subsequent exercise of a 960 billion KRW put option place significant financial strain on Yanolja during a critical growth phase. This situation reflects the heightened risks of M&A-driven expansion in the travel tech sector, especially as companies face the dual pressure of maintaining liquidity while funding long-term AI transformations.