Wemade Enters Share Purchase Agreement Transferring 39.33% Stake from Largest Shareholder Park Kwan-ho to NeoPulse, Control Change Expected

Wemade has entered into a share purchase agreement in which the former largest shareholder Park Kwan-ho transfers his entire stake of 13,350,738 shares representing 39.33% to NeoPulse Co., Ltd.
The transfer price per share is 68,910 KRW with a total transaction value of 920 billion KRW. A 10% deposit is due on the contract date and the remaining 90% is scheduled for October 30, 2026.
The expected new largest shareholder NeoPulse is a private equity fund management company established in October 2025, with total assets of 24.8 billion KRW and capital of 0.9 billion KRW, showing zero revenue and net profit. NeoPulse is wholly owned by Shengsong Investment Co., Limited.
The transferred shares are subject to a lock-up obligation, and control will transfer upon full payment. The contract is conditional upon satisfaction of preconditions including merger clearance.
Since the transaction involves a transfer of existing shares, there is no dilution for current shareholders.
[AI Summary]Wemade's founder Park Kwan-ho has agreed to sell his entire stake to NeoPulse, triggering a change in control. NeoPulse is a newly incorporated entity with no operating track record, raising concerns about counterparty credibility and future management stability. While no share dilution occurs, the new controller's financial capability and strategic direction will be key factors for the stock.