NP-Wiggle Studio Merger: Severe Financial Risks and Delisting Threat

Planned cancellation of 9,140,776 treasury shares (reducing total shares to 132,793,677) and 5:1 stock reverse split
NP's consolidated current ratio 93.4% (Q1 2026), debt ratio 72.2%, short-term borrowings 14.6 billion won
NP operating loss 3.05 billion won in 2025, 1.97 billion won in Q1 2026; negative operating cash flow for two consecutive years
Wiggle Studio's consolidated operating loss for three straight years (2025: -9.56 billion won), interest coverage ratio -2.4x
Guarantees outstanding 40.1 billion won; risk of designation as administrative issue and delisting (application of penny stock criteria)