It seems former SM ceo Lee Sooman is currently in the works of starting a new company.

This rumor started after it was discovered he started a trademark for the name A2O Entertainment:

This company is to be a sub company under LSM's new company "Blooming Grace". His new company focuses on "ESG" or "Environmental, Social, and Governance" related projects. (If you remember how under SM LSM was really trying to push the "go green" agenda, especially with Aespa, this company is pretty much for that agenda).

He was able to start this new company despite leaving SM because it does not compete with any entertainment companies and doesn't involve the entertainment industry.

When LSM left SM, Hybe made him sign a contract that he can only do entertainment related work overseas, not in Korea. He also is forbidden from hiring SM employees or signing contracts with SM artists. This contract has a 3 year time limit, and LSM currently still has to abide by this contract for another 2 years.

If LSM is thinking of starting a new entertainment company, it would not be able to establish it for another 2 years.

As of right now the company name "Blooming Grace" is trademarked under a wide variety of fields including: the entertainment industry, video game device industry, advertising industry, real estate industry, recording and downloadable media, animal care advisory service industry, clothing, transportation industry, design industry, food and beverage service industry, medical industry, legal service industry, and more.

The company name "A2O Entertainment" was trademarked under entertainment and advertising and as of right now it's still being processed. It hasn't been approved or denied.