Change of Largest Shareholder: Alen2 Technology sells entire 23.99% stake; Withwin Investment Union 91 becomes new largest with 12.09% – 28% discount to market price, management change adds uncertainty
The former largest shareholder, Alen2 Technology, sold all of its 8,065,867 shares (23.99%) to Withwin Investment Union 91 (4,065,867 shares, 12.09%) and Skyhammer 1 Investment Union (4,000,000 shares, 11.90%) via a stock purchase agreement.
Total consideration is 14.92 billion KRW, equivalent to approximately 1,850 won per share, a 27.6% discount to the closing price of 2,555 won on May 27, 2026.
Withwin Investment Union 91 fully paid and became the largest shareholder (12.09%) on May 28, 2026; Skyhammer 1 Investment Union has a remaining balance.
The new largest shareholder plans to hold an EGM on May 29, 2026, to remove all existing directors and auditors and appoint its own nominees, resulting in a complete change of control.
Withwin Investment Union 91 is a new technology business investment union under the Specialized Credit Finance Business Act, with total assets of 7.64 billion won and its largest investor is Arsen Investment Union 1 (95%).
[AI Comprehensive Analysis]This change of largest shareholder involves a full exit by the former owner and a management takeover by financial investors. The significant discount in acquisition price could negatively impact the stock price. The future business strategy and shareholder value enhancement plans of the new management will be critical, while short-term uncertainty is likely to increase.