Jeju Semiconductor's EGM to Approve Articles Amendment, Treasury Share Cancellation of 228K Shares, and Increase CB Limit to 300B KRW
Jeju Semiconductor Corp. convenes its 27th 1st Extraordinary General Meeting on July 15, 2026, with four agenda items: amendment of articles (item 1), approval of fixed director compensation limit (item 2, 3B KRW), approval of performance-based compensation limit (item 3, 5B KRW), and approval of treasury stock holding and disposal plan (item 4).
Key articles amendment: increase in convertible bond issuance limit from 100B to 300B KRW (3x), and bonds with warrants limit from 100B to 200B KRW (2x). Also introduces various share classes (convertible shares, redeemable shares, convertible preferred shares, redeemable convertible preferred shares) and reflects electronic registration system per revised commercial law.
Treasury stock plan: currently holds 759,729 shares (2.21% of outstanding). Plan to cancel 30% (227,920 shares) to enhance shareholder value, use 20% (151,945 shares) for employee compensation, and dispose of 50% (379,864 shares) for R&D funding. Cancellation will reduce outstanding shares from 34,442,833 to 34,214,913 (0.66% decrease).
Director compensation: fixed limit raised from 2B to 3B KRW, and new performance-based limit of 5B KRW. Performance-based pay evaluated by company growth rate (ratings S/A/B/C/D) with payout multiples of 2.0 to 0x.
[AI Summary]Jeju Semiconductor reported strong Q1 2026 standalone revenue of 178.7B KRW (up 274% YoY) driven by AI/IoT demand and LPDDR4X supply shortage; the 0.66% share cancellation is mildly positive for equity value, but the tripling of the CB issuance limit to 300B KRW introduces potential future dilution risk, warranting a neutral to cautious outlook.
KOSDAQ Filing Information
Filing: Notice of Convocation of Shareholders' Meeting