Largest shareholder pledges 99% of holdings; total pledge amount rises to 16.3B won
EcoGlow's largest shareholder, The-Pyeonhan, amended its pledge agreement to cover 12 million out of 12.135 million shares (99%). Total debt rose to 6.144B won, total pledge amount to 16.312B won.
New contract (No.4): EcoGlow as creditor, The-Pyeonhan as debtor, additional 6 million shares pledged as third-priority collateral for the sale proceeds of Wellguard.
If all pledges are exercised, the largest shareholder's stake would drop from 23.19% to 0.26%, risking loss of control.
Debtor The-Pyeonhan's 2024 financials: assets 40.29B won, liabilities 20.247B won, net loss 6.322B won, audit opinion unqualified but continued losses.
Existing pledges: three contracts with SangSangIn Savings Bank (CB 12th 5.2B won, corporate funds 3.43B won, CB 15th 2.6B won).
KOSDAQ Filing Information
Filing: [Correction of Description] Execution of Stock Pledge Agreement Involving Change of Largest Shareholder