Capital Reduction of 32.23% and Court-Ordered Director Election etc.

Capital reduction (21,000,000 shares, 32.23%) to cover deficits. Post-reduction capital: 22,076,019,500 won (44,152,039 shares).
Trading suspension ongoing (since 2025.6.23 due to listing eligibility review). Delisting decision expected after improvement period ends on 2026.5.17.
Articles amendment: New clauses per court order (director term 6 months, compensation ≤1 won). Implementation of revised Commercial Act (independent director ratio ≥1/3, duty to protect shareholder interests). Removal of supermajority provision for hostile M&A defense.
Director election: 3 inside directors (Kim Junho, Park Jinsuk, Choi Sooil), 2 outside directors (Hwang Shinyong, Kim Donghyun). Choi Sooil and Kim Donghyun are court-ordered shareholder proposals.
Auditor election: Hyun Giyong (attorney at Law Firm Chawon), Kim Shinmyung (former securities IB).
Approval of 2024 director/auditor remuneration limits retroactively and 2026 limits.
Capital reduction exempts creditor objection procedure as it is for deficit coverage.

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