Largest Shareholder Moon Yang-kwon Group Increases Stake from 28.84% to 34.00% via 4:1 Stock Consolidation and Open Market Purchases, Strengthening Control
Total outstanding shares reduced from 74,439,675 to 18,609,918 via a 4:1 stock consolidation (capital reduction).
The largest shareholder Moon Yang-kwon and related parties (Joles, MI Company, etc.) saw their effective stake rise from 28.84% to 34.00%, strengthening management control.
MI Company (100% owned by Moon) acquired 934,602 shares (approx. 5.02%) through on/off-market purchases from May 22-29, 2026, at prices ranging from 1,062 to 1,281 won per share, totaling 1.1 billion won (borrowed from Moon).
Funds were sourced via a personal loan of 1.1 billion won from Moon to MI Company, with a 1-year maturity and no collateral.
Minor stock option adjustments for executives (cancellations/grants) had negligible impact on overall stake.
[AI Summary]The largest shareholder group's stake increased from 28.84% to 34.00% even after a 4:1 stock consolidation, and additional purchases via a subsidiary signal enhanced management stability and shareholder value. However, the capital reduction and debt-financed buying may pose short-term financial burdens.