Correction of Pledge Share Ratio to 1.43% After Cancellation of 2.16 Million Treasury Shares

Reason for correction: Due to the cancellation of 2,167,958 treasury shares, total outstanding shares decreased from 13,493,951 to 11,325,993, and the largest shareholder Lee Je-hoon's stake upon full enforcement of pledge was corrected from 1.199% to 1.43%.
Largest shareholder Lee Je-hoon has pledged a total of 2,856,999 shares (94.6% of holdings) through five pledge agreements, with total pledge amount of 8.448 billion won and total debt of 4.981 billion won.
Upon full execution of pledges, shares held by the largest shareholder would drop to 161,783, reducing ownership from 26.65% to 1.43%, potentially losing largest shareholder status.
Key individual pledges: Industrial Bank (357,000 shares, 0.84B), Daishin Securities (1,005,026 shares, 3B), KB Securities (136,896 shares, 0.447B), Hanwha Investment (506,077 shares, 1.801B), Leader's (852,000 shares, 2.36B).
iM Securities pledge of 284M won was fully repaid on Jan 13, 2026; Leader's loan was newly executed on Jan 13, 2026.

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Filing: [Correction of Description] Execution of Stock Pledge Agreement Involving Change of Largest Shareholder
Company: Pavonine (177830)
Submission: Pavonine Co., Ltd.
Receipt: 05-19-2026
Under KRX KOSDAQ Market Division