WYSIWYG Studios Agrees to Merger with NP at Ratio 1:0.577, Aiming for Synergy and Enhanced Shareholder Value
WYSIWYG Studios (the 'Company') will hold an extraordinary general meeting on June 12, 2026 to approve a merger agreement with NP Co., Ltd. After the merger, NP will be the surviving entity and the Company will be dissolved.
The merger ratio is 0.5774514 NP shares per one Company share, based on reference prices of 449 won (Company) and 778 won (NP). This represents a 36% premium over the Company's current market price of 330 won, positive for shareholder value.
Approximately 97,838,678 new NP shares will be issued. After the merger (July 14), NP plans to cancel treasury shares (9,140,776 shares) and conduct a stock split (par value from 100 to 500 won), reducing total shares to 26,558,735.
The Company reported an operating loss of 3.05 billion won and a net loss of 3.84 billion won in 2025 (consolidated). Total equity was 28.87 billion won. The merger aims to improve efficiency and create synergies.
Outside directors Kim Bang-hyun and Yoon Dae-hyun each received average compensation of 12,000 won in 2025. A special committee reviewed the merger with external experts and held a shareholder meeting.
Related party transactions with largest shareholder Com2us: asset transfer of 25 million won and equity acquisition of 360 million won (414% of separate revenue) from subsidiary A2G Entertainment in early 2026.
[AI Comprehensive Analysis]The merger offers a premium ratio relative to the current market price, providing short-term upside. However, both companies are loss-making, so long-term value creation depends on post-merger profitability improvements. Shareholders may exercise appraisal rights at 459 won per share, which is above market price and warrants consideration.
KOSDAQ Filing Information
Filing: Notice of Convocation of Shareholders' Meeting