No-capital-increase small-scale merger of loss-making subsidiary Next Scene

Merger purpose: cost reduction and management efficiency by absorbing wholly-owned subsidiary Next Scene.
Method: small-scale merger (no capital increase) without shareholder approval for survivor; can be blocked if 20%+ shareholders object.
No new shares: merger ratio 1:0, no change in capital or outstanding shares.
Financial impact: limited (already consolidated); target had revenue of 220M KRW in 2025, net loss of 960M, assets 1.14B, equity 1.1B.
External valuation: not conducted (exempted for wholly-owned subsidiary no-capital-increase merger).
No stock purchase rights (small-scale merger).
Schedule: board resolution 2026-04-29, merger date 2026-06-30.