Additional Pledge by Largest Shareholder Risks Stake Drop to 0.87% if All Pledges Executed
The largest shareholder, Gem & Company, entered into its 13th share pledge borrowing agreement (KRW 7.5 billion new), increasing cumulative pledged shares to 5,071,855 (11.45% stake), total debt to KRW 50.62 billion, and total pledge amount to KRW 79.28 billion.
If all pledges are executed, the largest shareholder's remaining shares would plunge from 5,456,126 (12.32%) to 384,271 (0.87%), potentially losing its controlling stake.
The financial condition of the largest shareholder (borrower) Gem & Company: total liabilities KRW 87.99 billion, negative equity KRW 75.21 billion, net loss KRW 13.62 billion, zero revenue, indicating severe financial distress.
The new pledge agreement includes default triggers such as non-payment at maturity, similar to existing contracts.
KOSDAQ Filing Information
Filing: [Correction of Description] Execution of Stock Pledge Agreement Involving Change of Largest Shareholder