Exion Group Calls EGM for Charter Amendment and Director Election

EGM scheduled for May 22, 2026; key agenda: charter amendment (adding business purposes), election of directors (2 inside, 2 outside), and approval of capital reduction.
Charter amendment to add new business purposes including video/music/broadcasting/content, live commerce, and IP business.
Low attendance of outside directors (Yoon Seung-yong 0%, Kim Hoon-beom 8%, Han Seok-ri 44%, Kim Yoon-seok 45%) and resignations leave only 2 outside directors currently.
Merger with MJ Tech completed in August 2025, adding high-tech (piping/duct) and robot automation businesses, but high-tech accounts for 86.8% of revenue.
Online mall WizWid holds a negligible 0.001% market share, with transaction value declining steadily (KRW 43.5B in 2021 → KRW 2.9B in 2025).
Financial burden: agenda includes capital reduction, convertible bond issuance and sale, tax seizures, and multiple board resolutions on asset transfers and loans.
Board compensation: total approved limit of KRW 1.2B for 4 outside directors; actual payment approx. KRW 10.7M (avg. KRW 2.68M per person, Jan-Mar 2026).