Mobile Appliance Calls Extraordinary Meeting for Governance Overhaul, Board Reduction and Executive Officer System

Mobile Appliance will hold an extraordinary general meeting on June 29, 2026 to handle agenda items including amendments to the articles of incorporation, election and removal of directors, and appointment of an auditor.
The meeting aims to normalize management after multiple CEO changes and financial uncertainty since a change in control in February 2026.
Key proposals include reducing the board size from 3-10 to 3-7 directors and introducing an executive officer system to expedite decision-making.
The company plans to remove existing inside director Shin Wook-ho and outside director Lee Sang-mok, and elect Choi Yun-geun, Oh Se-ra, and Han Woo-yeop as inside directors, Im Su-geun and Jeong Dong-hyeok as outside directors, and Cho Jang-hyun as non-standing auditor.
Currently, largest shareholder Lee Jae-shin holds 7.14%, and while the company emphasizes stability, uncertainty remains over potential recurrence of management turmoil.
[AI Summary]Mobile Appliance's extraordinary meeting focuses on governance restructuring with no capital changes, limiting short-term stock price impact. Persisting management uncertainty poses downside risk.