Largest Shareholder Kim Woo-ju Acquires 34.88% of FOODNAMOO with 29.8 Billion KRW in Loans, Pledging Shares as Collateral
Reporting person Kim Woo-ju acquired 10,151,661 voting shares of FOODNAMOO at 2,212 KRW per share via OTC purchase on June 8, 2026, increasing his stake to 26.16%.
Including special related persons Kim Yoo-sun and Kim Young-chan, total holdings amount to 13,536,110 shares or 34.88% of outstanding shares. Potential dilution arises from 3,165,760 shares through convertible bonds and 180,000 shares through stock options.
The acquisition was financed entirely by loans totaling 29.8 billion KRW, with 23.4 billion from InnoFace and 6.4 billion from Lee Hwa Electric, using the acquired shares and convertible bonds as collateral.
The purpose is to exert influence over management. A decline in stock price could trigger margin calls or forced liquidation of pledged assets.
[AI Summary]The largest shareholder increased his stake using high leverage, exposing the company to collateral risk and potential dilution. A stock price drop could pressure collateral maintenance, and conversion of bonds or options would dilute existing shareholders, negatively impacting shareholder value.