Largest shareholder Lee Je-hoon pledges 92.9% of his shares as collateral; risk of stake collapse to 1.91% if executed, despite treasury share cancellation of 2,167,958 shares
Lee Je-hoon, the largest shareholder, has pledged 2,802,696 shares (92.9% of his holdings) under five collateral loan agreements.
Total loan amount: 4.77B KRW; total collateral amount: 8.27B KRW (collateral ratio ~173%).
If all collateral shares are executed, his stake would drop from 26.65% to 1.91%, risking loss of control.
The company resolved to cancel 2,167,958 treasury shares on May 19, 2026, reducing total shares from 13,493,951 to 11,325,993, but the largest shareholder's collateral risk remains high.
This amendment reflects partial repayment and extension of the Daishin Securities collateral contract (shares reduced from 1,005,026 to 1,000,800; maturity extended to 2026-09-01).
Investment risk: potential change in control and downward pressure on stock price. Near-term outlook negative.
[AI Summary]Despite the company's treasury share cancellation, the largest shareholder Lee Je-hoon has pledged 92.9% of his shares as collateral, exposing the company to severe control risk if the collateral is executed. This structural risk outweighs the positive impact of share cancellation, leading to a negative outlook for shareholder value.
KOSDAQ Filing Information
Filing: [Correction of Description] Execution of Stock Pledge Agreement Involving Change of Largest Shareholder