NP Inc. to Merge with Wizwick Studios, Causing Massive Dilution; 5:1 Stock Split and Name Change to Com2uS N Corporation
Merger Overview: NP Inc. (surviving) will absorb Wizwick Studios (disappearing) on July 14, 2026, with a merger ratio of 1:0.5774514 (1 NP share per 0.577 Wizwick shares)
Equity Dilution: Issuance of 97.84 million new shares will reduce existing NP shareholders' ownership from 100% to approximately 33%, causing massive dilution
Treasury Stock Cancellation: Wizwick's 9,140,776 NP shares will be cancelled simultaneously with the merger, reducing outstanding shares to 132,793,677
Stock Split: A 5:1 stock split (par value from 100 won to 500 won) will further reduce final outstanding shares to 26,558,735, with listing expected on August 14, 2026
Name Change: Post-merger, the company will be renamed 'Com2uS N Corporation'
Financial Status: NP reported 2025 operating loss of 3.5 billion won and net loss of 3.9 billion won; Wizwick reported operating loss of 9.6 billion won and net loss of 41.8 billion won, both in persistent deficit
New Board: Five directors including Com2uS COO Seongwan Jo and Wizwick CEO Jaedeok Jo; auditor Inhyeok Park reappointed, strengthening Com2uS control
[AI Comprehensive Analysis]This merger significantly damages existing shareholder value through massive new share issuance, with both companies in deficit making near-term synergies unlikely. While inclusion under Com2uS offers long-term restructuring potential, the investment risk is high, making this a negative disclosure.