WYSIWYG Studios to be absorbed by NP at 0.57745:1 ratio; NP to cancel 9.14M shares and implement 5:1 reverse split, aiming for business synergy
WYSIWYG Studios (current price 330 won, market cap 56.4B won) will be merged into NP Co., Ltd. (base price 778 won). The merger ratio is 0.5774514 NP shares per WYSIWYG share, representing a ~36% premium to the current market price.
Concurrently, NP will cancel its treasury shares of 9,140,776 and implement a 5:1 reverse stock split (face value change from 100 won to 500 won). After merger, cancellation, and split, NP's total shares outstanding will decrease to approximately 26,558,735.
The merger aims to combine NP's BE/XR marketing capabilities with WYSIWYG's CG/VFX content production to build an integrated IP planning, production, and marketing structure.
WYSIWYG reported an operating loss of 3.05B won and net loss of 3.84B won in 2025 on a consolidated basis. The combined entity's financial improvement is key.
Shareholder meeting is on June 12, 2026. Dissenting shareholders can exercise appraisal rights (estimated price 459 won). New shares listing is expected on August 14, 2026.
[AI Comprehensive Analysis]This merger offers a premium to the current stock price, but both companies are loss-making and immediate earnings improvement is uncertain. The long-term value creation depends on successful integration and synergy realization.