NAVER Decides on KRW 1.48 Trillion Third-Party Allotment Rights Offering to NVIDIA for AI Infrastructure Expansion

NAVER Corporation has decided on a third-party allotment capital increase of 7,241,564 shares worth approximately KRW 1.4809 trillion to NVIDIA Corporation, approved by the board on July 24, 2026.
The new shares are priced at KRW 204,500 per share, a 0% discount to the base price of KRW 204,276, with payment due on October 30, 2026, and listing expected on November 20, 2026.
Proceeds will be used to secure computing infrastructure for AI Factory expansion, subject to a precondition of securing at least $900 million in infrastructure.
New shares are subject to a one-year mandatory deposit and lock-up agreement. NVIDIA's financial health is strong, minimizing counterparty risk.
[AI Summary]This rights offering causes a dilution of approximately 4.6% but is strategically positive as it secures investment from global AI leader NVIDIA specifically for AI infrastructure expansion. Issuance at zero discount limits existing shareholder value erosion, and the one-year lock-up prevents immediate overhang. Long-term shareholder value is expected to increase through enhanced AI competitiveness.