Pavonine Largest Shareholder Lee Je-hoon Extends and Slightly Increases Pledge with LendKorea, Pledge Risk Unchanged
This amendment reflects an extension of the deadline for the stock pledge contract involving a change in the largest shareholder filed on July 3, 2026, extending part of the LendKorea pledge contract until January 13, 2027, and increasing pledged shares by 30,540 shares.
After the change, the total cumulative pledged shares amount to 2,696,340 shares, representing about 89.3% of the largest shareholder's holdings of 3,018,782 shares, while the total debt remains unchanged at 4.47 billion won.
If all pledges are executed, the largest shareholder's stake would drop to 2.85%, maintaining the risk of a change in management control despite the completion of the treasury stock cancellation of 2,167,958 shares.
The company resolved on May 19, 2026, to cancel 2,167,958 treasury shares, reducing total outstanding shares to 11,325,993.
[AI Summary]This amendment only involves a deadline extension and a minor increase in pledged shares under the LendKorea contract, so the financial impact is negligible. However, the high-risk structure where the largest shareholder has pledged about 90% of his holdings remains unchanged, implying sustained management instability and requiring cautious investor approach.
KOSDAQ Filing Information
[Correction of Description] Execution of Stock Pledge Agreement Involving Change of Largest Shareholder