NP Inc. to Merge with Wizwig Studio, Rename to Com2uS N, Propose Stock Consolidation and Board Changes at Upcoming Shareholders' Meeting
NP Inc. (current market cap ~26.5B KRW, share price 601 won) will hold an extraordinary general meeting on June 12, 2026, to vote on the absorption merger with Wizwig Studio, a 5:1 stock consolidation, a name change to Com2uS N Corporation, and election of new directors.
The merger ratio is 0.5774514 NP shares per Wizwig share. Approximately 97,838,678 new shares will be issued. Immediately after the merger, NP will cancel 9,140,776 treasury shares held by Wizwig, reducing outstanding shares to 132,793,677.
Following the 5:1 stock consolidation, the total shares will decrease to 26,558,735 (par value 500 won). This is a technical adjustment to reduce the number of outstanding shares, not a capital reduction.
The company will change its name to Com2uS N Corporation and increase the issuance limit for convertible bonds and bonds with warrants from 30B KRW to 70B KRW, enhancing financing flexibility but also posing potential dilution risk.
Proposed board: Inside directors Jo Sung-wan (COO of Com2uS) and Cho Jae-duk (CEO of Wizwig), non-executive director Noh Jong-keun (Com2uS legal head), outside directors Min John K (current NP outside director) and Lee Yong-dae (former badminton Olympian). Auditor: Park In-hyuk (current Wizwig auditor).
NP's 2025 consolidated revenue was 27.2B KRW with an operating loss of 3.0B KRW and net loss of 3.8B KRW. Wizwig recorded a consolidated operating loss of 9.6B KRW and net loss of 41.8B KRW. Both companies face significant financial challenges.
Appraisal rights: NP offers 750 won per share, Wizwig offers 459 won per share. Dissenting shareholders must notify by June 11, 2026, and may exercise their rights from June 12 to July 2, 2026.
[AI Summary]This merger aims to create synergies by integrating content production and marketing capabilities. However, given both companies' persistent operating losses and high financial risk, short-term performance improvement is uncertain. Affiliation with the Com2uS group is positive, but the increased convertible bond limit may dilute future shareholder value, warranting cautious investment consideration.
KOSDAQ Filing Information
Filing: [Correction of Description] Notice of Shareholders' Meeting