Shareholder Han Tae-won Solicits Proxies for CCS Special Meeting Opposing Capital Reduction and Director Appointments Amid Delisting and Governance Crisis

Second-largest shareholder Han Tae-won requests opposition to board-proposed capital reduction of 32.23% reducing shares by 21 million and appointment of directors Kim Jun-ho, Park Jin-sook, Hwang Shin-yong and auditor Hyun Ki-yong, while supporting court-ordered shareholder proposals at the June 26, 2026 special meeting.
The capital reduction aims to offset accumulated deficits via a 1.476:1 reverse stock split, reducing outstanding shares from 65.15 million to 44.15 million.
The company faces delisting review and litigation over alleged unfair M&A process with KX Innovation, with management change risk high.
Shareholder-proposed charter amendments include limiting newly elected directors' terms to 6 months and annual salary to 1 KRW.
A new article allows for treasury stock holdings but no buyback is planned; no new capital raising aside from the defensive capital reduction.
[AI Summary]Defensive capital reduction dilutes shareholder value and governance turmoil with delisting risk leads to negative short-term stock outlook.