No change in stake at 25.90%, but pledged shares increase to 4,699,674 (10.62%)

No change in beneficial ownership: Gem & Company and its related parties hold 25.90% (11,466,280 shares) of GemVax & KAEL
Pledged shares increased from 4,602,285 (10.40%) to 4,699,674 (10.62%), an increase of 97,389 shares
Reasons: extension of stock-backed loans, partial repayment of borrowings, and additional collateral setting
The filer (Gem & Company) has negative equity of -75.2 billion won and total debt of 88.0 billion won, indicating weak financial health