Positive Improvements Including Management Improvement Plan Execution and Change of Largest Shareholder
Implementation of management improvement plan: improvement of business continuity and profitability, exceeding sales and operating profit targets
Improvement of financial liquidity and soundness: increase in current ratio, decrease in debt ratio, capital increase of 15 billion won (7.5B from Deokyang Energyzen, 7.5B from Wolf)
Change of largest shareholder: via public sale on May 11, 2026 to Deokyang Energyzen/Wolf consortium
Management change: new management appointed and existing directors resigned on May 11, 2026
Recovery of embezzlement amount of 3.82 billion won (offset completed)
Share deposit: mandatory holding for 3 years for existing and new shares, joint holding commitment for 5 years
Legal actions underway for recovery of damages (civil lawsuits related to embezzlement and breach of trust)
KOSPI Filing Information
Filing: [Correction of Description] Other Management Matters (Voluntary Disclosure)