EGM Called: Rescission of Previous Stock Split and Approval of New 2:1 Reverse Split to Comply with KOSDAQ Listing Rules
KOREA ADVANCED MATERIALS convenes an EGM on June 17, 2026, soliciting proxies. Record date: May 26, 2026; Solicitation period: June 5-16.
Agenda item 1: Rescind the previous resolution (April 28 EGM) for a 3:1 reverse split (par value 1,500 won) as it violates KOSDAQ standard par value rules.
Agenda item 2: Approve a new 2:1 reverse split, changing par value from 500 won to 1,000 won, reducing outstanding shares from 57,088,614 to 28,544,307. Capital remains unchanged at 28.54 billion won.
Timeline: EGM June 17; Record date July 20; Effective date July 21; New share listing August 7. Trading suspension from July 16 to August 6.
Articles amendment: Article 7 (par value) changed from 500 won to 1,000 won to comply with KOSDAQ listing rules. No other changes (e.g., cumulative voting exclusion).
Electronic voting available June 7 (9:00) to June 16 (17:00). No mail voting. Proxies accepted by mail or in-person until June 16.
Largest shareholder Satoshi Holdings Co., Ltd. holds 6,932,112 shares (12.14%). The company has no treasury shares.
[AI Summary]This EGM is a procedural correction to replace a non-compliant stock split resolution with a compliant 2:1 reverse split. Share count halves but capital and shareholder value remain unchanged, making it a neutral event. Investors should note the trading suspension period and potential cash payments for fractional shares.