Daegwang Solicits Against Mobile Appliance Proposals… Risk of Shareholder Value Erosion from Board Control Attempt

Daegwang, former largest shareholder with a 2.76% stake, is soliciting proxy votes against management proposals at the extraordinary general meeting on June 29, 2026.
Opposed items include reducing the board size from 10 to 7, establishing an executive officer system, electing five directors, dismissing two directors, and appointing an auditor, alleging it is a concerted effort to seize board control.
The filer cites procedural violations such as appointing a representative executive officer before charter amendment grounds were established, questions candidate independence and cites management instability and delayed disclosures risking designation as an unfaithful disclosure entity.
[AI Summary]The attempt to amend articles and replace directors threatens governance stability with procedural violations and management turmoil, raising significant shareholder value risk.