NP Absorbs Parent Company Wysiwyg Studios... Restructuring Corporate Governance Centered on Com2uS and Enhancing Shareholder Value

Comprehensive content company NP is setting out to restructure its corporate governance and enhance shareholder value by absorbing and merging with its parent company, Wysiwyg Studios.

According to the Financial Supervisory Service's electronic disclosure on the 9th, NP held a board of directors meeting on the 8th and resolved to absorb and merge with Wysiwyg Studios. Following the merger, the surviving company will be NP, and the merged company, Wysiwyg Studios, will be dissolved.

The merger ratio was decided at 1 for NP to 0.5774514 for Wysiwyg Studios. The merger date is July 1, 2026, and the scheduled listing date for the new shares is July 31. An extraordinary general meeting of shareholders to approve the merger is scheduled to be held on May 29.

Notably, NP will carry out a large-scale stock cancellation (capital reduction) to enhance shareholder value along with this merger. The 9,140,776 common shares of NP (a 20.73% stake) held by Wysiwyg Studios prior to the merger will be transferred to NP's treasury stock upon the merger and subsequently canceled in their entirety.

Once the merger process is completed, NP's largest shareholder will change from the existing Wysiwyg Studios to Com2uS. Reflecting the issuance of new merger shares and the cancellation of treasury stock, Com2uS's expected stake is 28.30%.

Regarding this merger, NP stated, "The purpose is to create synergy and strengthen business competitiveness through the integration of management resources, and to improve corporate governance by resolving the dual-listing structure." The strategy is to integrate the video and immersive content production businesses operated by both companies to establish a value chain encompassing everything from planning to distribution and monetization, and to maximize profitability by being reborn as an 'IP Activation' company.

The period for dissenting shareholders to exercise their appraisal rights is from May 29, the date of the general shareholders' meeting, to June 18, and the expected purchase price is 750 won. If the total amount of appraisal rights exercised exceeds 3 billion won, the merger agreement may be canceled.

Meanwhile, NP clarified through a revised disclosure on April 23 that this merger is a preemptive measure in response to the Financial Services Commission's reform plan for the delisting of insolvent companies (such as delisting those with a stock price below 1,000 won), which is scheduled to take effect in July.