Largest Shareholder Park Gwan-ho Reports Stock Purchase Agreement to Sell Entire 39.33% Stake in Wemade to Neopulse and Changes in Pledge Contracts
This report officially confirms that largest shareholder Park Gwan-ho has entered into a stock purchase agreement to sell all of his 13,350,738 voting shares representing approximately 39.33% of Wemade to Neopulse Co., Ltd. as of June 30, 2026, and simultaneously reflects new pledge contracts and repayment of existing pledges in this amended filing.
The stock purchase agreement is valued at approximately 920 billion KRW at 68,910 KRW per share, with the settlement date scheduled for October 30, 2026. As collateral for the down payment, a new pledge agreement for 2,665,121 shares approximately 7.85% was established with Woori Investment & Securities, while existing pledges with Korea Investment & Securities and Woori were fully repaid.
Upon completion of this transaction, Park Gwan-ho will cease to be the largest shareholder and control of Wemade will transfer to Neopulse. No new shares are issued so existing shareholders face no dilution from this secondary sale.
[AI Summary]The decision by the largest shareholder to sell his entire stake removes long-term ownership uncertainty and may create positive expectations for the new majority shareholder's strategic direction. The sale price of 68,910 KRW represents a premium of approximately 259% over the current market price of 19,180 KRW, likely providing a positive short-term signal to the stock. However, execution risk until the October closing date and the lack of disclosed business plans from Neopulse remain areas requiring investor monitoring.