Noul Amends Shareholder Meeting Notice Adding Stock Merger Schedule; Reverse Stock Split Remains Financially Neutral

Noul amended its extraordinary general meeting notice on July 1, 2026, adding a detailed schedule for the proposed stock merger.
The stock merger is a 5-to-1 reverse split, reducing outstanding shares from approximately 51.29 million to 10.26 million, with a negligible capital reduction of 1,500 won from fractional share treatment.
The accompanying articles amendment reflects revised commercial law, changing the outside director title to independent director, raising mandatory appointment ratio to over one-third, and mandating cancellation of treasury shares within one year of acquisition.
This correction supplements procedural details without financial impact; the reverse split itself is a neutral event with no change in enterprise value.
[AI Summary]Noul's reverse stock split aims to stabilize the stock price by reducing the number of outstanding shares, but it remains a financially neutral event with limited short-term catalysts. Governance improvements through bylaw amendments are positive in the long run, but no capital raising or dividend plans are disclosed. The amendment only adds a schedule and has no impact on shareholder value.