South Korea Special Situations

Gu Mi-hyun and Lee Seok-ju reported a combined 2.6 million shares, representing 44.61% of C-SITE Co., Ltd. The stake was acquired via stock and management rights purchase agreements dated September 23, 2026.

TPG agreed to buy a 61.18% stake in Lotte Rental from Hotel Lotte and Busan Lotte Hotel for approximately KRW1.3 trillion through Lexicon Korea Holdco, initially funding the acquisition entirely with equity.

ICTK Co., Ltd. board resolved on September 30, 2026 to acquire 715,080 existing shares of WithNetworks Co., Ltd. for KRW 11.4 billion (~$8.4M).

Woosung Materials amended its February 6, 2026 acquisition report to extend the remaining balance payment date to December 30, 2026.

Jin Air is set to absorb Air Busan and Air Seoul next March to form South Korea's largest low-cost carrier with 58 aircraft and annual revenue exceeding 2.5 trillion won (approximately $1.8 billion).

Ascendio Co., Ltd. resolved on September 29, 2026 to acquire 100,000 shares, a 100% stake, in Valacompany Co., Ltd. The acquisition amount is KRW 7.5 billion (~$5.5M), payable in cash.

STraffic Co., Ltd. is acquiring the entire railway signaling business division of LS Electric Co., Ltd. The total transfer price is KRW 74.5 billion (~$55M).

NEXUS Co., Ltd. approved a small-scale stock exchange to acquire the remaining 3.63% (825,066 shares) of One store Co., Ltd. on September 29, 2026.

Digital Graphics Incorporation resolved on 2026-09-28 to acquire 70,000 shares of Green Pack Co., Ltd., representing 100.00% ownership.

NH Nongwoo Bio Co., Ltd. will acquire the entire Nonghyup Seed Center vegetable seed business from Nonghyup Economic Holdings Co., Ltd. for KRW 36.7 billion (~$27M) in cash.

Posco International Corporation (047050.KS) agreed to acquire non-operated Marcellus shale gas assets for $550 million in cash.

KUK-IL PAPER MFG Co., Ltd., now named SM Kukil Co., Ltd., decided to absorb Han Deok Iron & Steel Co., Ltd. in a small-scale merger.

SM Kukil Co., Ltd. (078130.KQ) will absorb HanDeok Iron Mine Industry Co., Ltd. in a $22 million small-scale merger. The transaction uses a stock exchange ratio of 1 SM Kukil share for every 15.5536068 HanDeok shares, with SM Kukil issuing 8.7 million new common shares and 11,628 treasury shares. The merger is scheduled to be effective November 24, 2026, with new shares listing December 16, 2026. Under Article 527-3 of the Korean Commercial Act, this small-scale merger allows SM Kukil to absorb the unlisted affiliate without a shareholder vote. The 1-year lock-up on the merger shares and the December 16 listing date are the primary monitoring points.

Posco International signed an agreement Monday to acquire a 100% stake in US shale gas assets from a subsidiary of Chord Energy Corp. for $550 million. Assets are in the Marcellus basin in Pennsylvania, including 1,305 producing wells and 701 undeveloped wells. Transaction expected to close in November; deal expected to generate over 100 billion won ($72 million) annual operating profit from 2028. Posco International E&P USA will raise 532.9 billion won via rights offering, with parent providing 266.1 billion won in loans.

Oscotec board convened on September 15 to approve a special committee charter for the Genosco full acquisition. Independent director Kim Kyu-sik, former chairman of the Korea Corporate Governance Forum, chairs the special committee; two of three members are independent directors. External valuation agencies will determine Genosco's fair enterprise value, with multiple firms to be engaged. Genosco's prior IPO attempt cited an estimated market cap of approximately ₩600 billion (approximately $432.7 million), implying a remaining-stake value of approximately ₩245 billion (approximately $176.7 million). Largest shareholder Seong Yeon (12.46%) and second-largest shareholder Lee Ki-yoon (9.79%) entered a joint voting agreement on the 16th, reaching a combined 22.25%. Issuing new shares for a strategic investor would require shareholder approval to increase authorized shares.

APR (278470.KS) amended the terms of a merger decision following a correction attachment filed on September 16, 2026. The filing follows a Major Item Report dated September 9 and includes the board of directors' opinion, CEO confirmation, and board meeting minutes. Specifics regarding the amended terms were not disclosed. This Korean material fact report signals a change to the merger contract.

Kakao Games Inc. will acquire control of Me2on Inc. (201490.KQ) through a combination of a share purchase and a third-party allotment. Kakao Games will buy 7.0 million existing shares from Son Chang-wook and eight others and subscribe to 9.8 million new shares at KRW 2,842 per share. Payment and delivery are scheduled for November 16, 2026, with new shares subject to a one-year lock-up.

BioInfra (199730.KQ) updated its merger plans through an amended contract filing on 2026-09-15. The filing follows an initial merger decision report dated 2026-09-08. No counterparty, exchange ratio, or meeting date was disclosed. This DART merger decision report initiates a shareholder-approval process, and the recent filing indicates revised terms.

E8ight Co., Ltd. resolved on September 14, 2026 to acquire 210,000 shares of Dacom System Co., Ltd. for KRW 4.4 billion (~$3.2M) in cash. Post-acquisition, E8ight will own 35% of Dacom System (210,000 of 600,000 issued shares). The acquisition amount equals 17.20% of E8ight's total assets and 30.43% of equity based on December 31, 2025 consolidated financials. Scheduled acquisition date is September 17, 2026; deposit of KRW 1.0 billion (~$722.0K) paid September 14, balance of KRW 3.4 billion (~$2.5M) due September 17. Funding comes from third-party paid-in capital increase and retained earnings. External valuation by Samduk Accounting Corporation (August 31–September 14, 2026) deemed the acquisition price appropriate. Stated purpose: business diversification and securing new growth drivers. Dacom System is a computer manufacturing and supply company; no backdoor listing and no put option involved. Payment date for the new shares is September 14, 2026; listing expected September 30, 2026.

Korean Air Lines Co. (003490.KS) obtained final approval from South Korea's antitrust regulator for the Asiana mileage-integration plan, ahead of the planned December 2026 absorption. Asiana customers will retain mileage under specified transition terms, while Korean Air has begun offering free Starlink Wi-Fi on select retrofitted aircraft and plans broader fleet expansion by the end of 2027. The mileage approval advances the integration, with remaining execution and workforce matters still to be completed.

MoaData Inc. (288980.KQ) is undergoing a third-party allotment capital increase that is expected to result in a change of the largest shareholder. Aners 2nd Investment Association will subscribe for 3.8 million common shares at an issue price of KRW 527, representing an 88.88% premium to the base price of KRW 279. The company will receive KRW 2.0 billion (~$1.4M) in cash for operating funds, with payment due on 2026-09-23 and shares expected to list on 2026-10-19. This recapitalization shifts control of the issuer via a Korean third-party allotment.

VITUN Co., Ltd. will become the largest shareholder of NC& Co., Ltd. (092600.KQ) following a third-party allotment capital increase that triggers a change of control. The issuer is issuing 4.0 million common shares at KRW 2,500 per share to VITUN and NPX Investment for KRW 10.0 billion (~$7.2M) in cash. Payment is scheduled for September 28, 2026, with shares expected to list on October 8, 2026. The company plans an extraordinary general meeting to appoint new directors following the change in management rights.

Daewon EnvyPol Co., Ltd. took a 5.00% stake in SH Energy & Chemical Co., Ltd. (002360.KS) to influence management (large shareholding report).

Hanmi Pharmaceutical (128940.KS) agreed to a special audit of its 73.68%-owned Chinese subsidiary, Beijing Hanmi, following a demand from Life Asset Management.

The MBK-Young Poong alliance demanded the ouster of Korea Zinc Chairman Choi.

Flashlight Capital urges five Samsung affiliates to sell their combined 20.6% stake in S-1 Corporation via open auction.

REFINE Co., Ltd. (377450.KQ) will hold an extraordinary general meeting on November 17, 2026, to vote on two shareholder proposals.

Align Partners Asset Management Co., Ltd. is soliciting proxies for Gabia Inc. (079940.KQ) to expand the board from 5 to 7 directors and elect new independent and non-executive candidates.

ISS recommended support for all Align Partners proposals at Gabia, while Glass Lewis supported independent director candidates Kwak Jun-ho and Cho Sung-moon and expanding the board from five to seven, but opposed…

RN2 Technologies filed a proxy solicitation reference document.

Law Firm Chaebi is soliciting proxies for Woojin I&S Co., Ltd. (010400.KS) to push for a KRW 7.5 billion (~$5.5M) treasury share buyback, the cancellation of 517,530 treasury shares, and a KRW 10 billion (~$7.4M)…

Align Partners now owns 1.9% of DB Insurance (005830.KS) and is pushing for the use of share buybacks and cancellations as standing capital allocation tools.

In a large shareholding report on ENEX Co., Ltd. (011090.KS), the filer's total acquisition funding is KRW 11.5 billion (~$8.5M), consisting of KRW 10.5 billion (~$7.8M) in self-funds and a KRW 1.0 billion (~$738.3K)…

Jindo Co., Ltd. filed amended proxy materials for its October 8, 2026 extraordinary shareholders' meeting in Geumcheon-gu, Seoul.

Law Firm Chaebi filed a proxy solicitation for Jindo Co., Ltd. (088790.KS) on September 22, 2026, to oppose director and auditor compensation caps and support shareholder-value proposals.

Kim Seongyeon and five related parties increased their stake in OscoTec Inc. (039200.KQ) to 22.25% to seek management control. The group holds 8.5 million shares and requested an extraordinary general meeting on September 17, 2026, to appoint three new directors and amend the articles of incorporation. The proposed amendments seek to delete Articles 27(2) through 27(5), which currently require an 80% supermajority for director appointments and removals. While a first-instance court invalidated part of these supermajority provisions, an appeal by OscoTec Inc. is ongoing. This Korean large-shareholding filing with management-control purpose allows the filer to pursue the EGM agenda to lower the director appointment threshold to an ordinary resolution.

The entity acquired 7.0 million shares via a third-party allotment paid-in capital increase at KRW 610 per share for a total cost of KRW 4.3 billion (~$3.1M). The reporter is a civil law partnership with HD&M Co., Ltd. as its largest partner at 69.77% contribution.

Align Partners Asset Management Co., Ltd. consolidated a 14.29% stake in Gabia Inc. (079940.KQ) to influence management rights. The asset manager acquired 1.2 million shares from Align Partners Korea Fund LP via a block trade on September 10, 2026, at KRW 42,450 (~$31) per share. The transaction was funded with KRW 50.5 billion (~$36M) from investor contributions. Align Partners filed a large shareholding report stating it is considering shareholder proposals and the exercise of shareholder rights. This local filing for management-control purpose clears the filer to push for board changes, capital policy, or M&A.

Kakao Games agreed to acquire 7.0 million shares from Son Chang-wook and 8 others at KRW 10,000 per share for KRW 70.1 billion (~$51M) in cash. Additionally, Kakao Games entered a new share subscription agreement for approximately 9.8 million new shares. Combined, the two tranches give Kakao Games a 39.56% stake in Me2on for approximately KRW 98 billion (~$70.5M) total, making it the company's largest shareholder, subject to closing.

The report states the holding purpose is to influence management rights under Article 147 of the Capital Markets and Financial Investment Business Act. Acquisition price was KRW 1,301 per share, totaling KRW 3.0 billion (~$2.2M) funded entirely from earned income. The report is a new filing with no previous report on record. Kim Seung-jun is CEO of Bioinfra Life Science Co., Ltd.

Unison Co., Ltd. (018000.KQ) has issued a proxy solicitation for a general meeting to vote on several corporate actions. The agenda includes a proposal to amend the articles of incorporation, a board-proposed share consolidation, and a shareholder proposal to appoint Kim Min-wook as a non-standing auditor. The general meeting is scheduled for October 2, 2026. This meeting serves as the upcoming catalyst for the company.

Seoul Electronics & Telecom amended a third-party allotment for 1,806,138 new shares at a provisional issue price of KRW 1,661 per share.

iA, Inc. is conducting a shareholder-allotment rights offering of 3.7 million ordinary shares.

The Financial Supervisory Service requested an amended securities registration statement from HanWool Semiconductor, Inc. (320000.KQ) on September 28, 2026, suspending the previously filed statement's effect.

VUNO, Inc. filed an amendment to its August 28, 2026 rights issue announcement.

Nvidia is participating in a $1 billion rights offering for Naver Corp (035420.KS) to fund its AI factory data center business.

IREM Co., Ltd. is conducting a shareholder-allocation rights issue of 4.8 million common shares.

THE CODI Co., Ltd. (224060.KQ) amended the terms of a third-party allotment paid-in capital increase to raise approximately KRW 500 million (~$369.2K) from Power M Entertainment Co., Ltd. The issue price was reduced…

THE CODI Co., Ltd. amended its third-party allotment capital increase, raising new share count to 317,863 from 170,998.

NGeneBio Co., Ltd. (354200.KQ) is issuing 7.2 million common shares at KRW 1,074 per share in a paid-in capital increase.

FreeT (프리티, 006490.KS) amended its third-party allotment rights issue to issue 2 million common shares to Primelight Investment Partnership No.

Sangji Construction, Inc. (042940.KQ) revised the terms of its paid-in capital increase to lower the issue price to KRW 5,000 per share and reduce target operating funds to KRW 11.0 billion (~$8.1M).

Chinhung International Inc. (002780.KS) will pay KRW 637.6 million (~$474.0K) in cash dividends to preferred shareholders on 2026-10-21.

SJ Group Co., Ltd. (306040.KQ) entered into a KRW 2.0 billion (~$1.5M) trust agreement with NH Investment & Securities Co., Ltd. to acquire treasury shares.

NDFOS Co., Ltd. (238090.KQ) resolved on 30 September 2026 to acquire and cancel KRW11 billion face value of its Series 6 convertible bonds from JK New Technology Investment Association No.

Cheil Worldwide Inc. (030000.KS) halted trading on 2026-09-30 to disclose the cancellation of 10% or more of its shares.

Telcon RF Pharmaceutical resolved on September 29, 2026 to acquire KRW 2.7 billion (~$2M) face value of its Series 23 convertible bonds before maturity.

IQUEST approved an on-market repurchase of up to 372,439 common shares for KRW 999,998,715 on September 29, 2026.

METACARE Co., Ltd.'s (118000.KS) board resolved on September 28, 2026, to acquire KRW 7.7 billion (~$5.7M) face value of its Series 17 convertible bonds before maturity.

DEAR U Co., LTD. authorized a buyback plan.

Hanwha Ocean Co., Ltd. (A042660) announced an equity buyback.

Chips&Media, Inc. authorized a buyback plan.

KT&G Corporation's board approved a treasury stock acquisition.

BK Holdings Co., Ltd. filed a correction to its September 15, 2026 third-party allotment capital increase report.

CANVAS N Co., Ltd. amended its third-party allotment capital increase on September 22, 2026, changing the allottee to Quantum Bridge New Technology Association.

GMI Venture Co., Ltd. decided a third-party allotment capital increase of 196,000 common shares raising KRW 490.0 million (~$361.8K).

Cellid Co., Ltd. board resolved a third-party allotment of 1,333,332 common shares at KRW 2,250 per share, raising KRW 2,999,997,000 (~$2.2M) for operating funds.

Heng Sheng Holding Group Company Limited filed a material fact report on 2026-09-10 regarding a decision on a paid-in capital increase.

MOA Life Plus Co., Ltd. is issuing 2.0 million new common shares to a third party, A-One Growth Investment Partnership (에이원성장투자조합), at 1,000 KRW per share.

Woosung Materials (011300.KS) is raising $1.5 million through a third-party allotment of 970,873 common shares at KRW 2,060 per share.

Ascendio is issuing 2.9 million common shares at KRW 3,460 per share in a third-party allotment.

Hyundai Mobis (012330.KS) will spin off its lamp business via a physical split and sell 100% of the new entity to OP Mobility for an estimated 600 billion won.

A balance payment of KRW 34.8 billion (~$26M) is due on November 12, 2026, with a long stop date of November 30, 2026, pending a temporary shareholders' meeting.

QuantumRail Inc., formerly Xcure Co., Ltd. (070300.KQ), extended the planned on-market sale period for 1,527,000 SOLOWIN HOLDINGS LIMITED shares from 16 March–30 September 2026 to 16 March–31 December 2026.

OCI's board resolved on September 29, 2026 to discontinue its TDI manufacturing and sales business.

DUKSAN TECHOPIA Co., Ltd. (317330.KQ) is holding a shareholder meeting to seek approval for the listing of subsidiary Deoksan Electera.

SK Hynix (000660.KS) is assessing the impact on existing shareholders of a potential initial public offering for its subsidiary Solidigm, which could be valued at up to $150 billion.

TKG Taekwang Co., Ltd. increased its stake in TKG AIKANG Co., Ltd. (022220.KQ) to 82.45% through a completed tender offer.

Korea Zinc (010130.KS) Chairman Choi Yoonbum is providing new funding to support a counter-tender offer against a bid for KZ Precision by a Young Poong·MBK Partners consortium. P121 Partners, an affiliate of Chairman Choi, agreed on September 7 to lend 6 billion won to the special purpose vehicle Jericho Partners at 4.6% annual interest. Additionally, Jericho Partners is raising 250 million won by issuing 2,500 new common shares at 100,000 won per share to Yumi Development. Chairman Choi and his family have previously flowed 54 billion won into Jericho Partners as of the end of last year. These funding moves occur while Chairman Choi's family and related parties have pledged 1.4 million shares as collateral for stock-backed loans, representing 59.3% of their 2.4 million shareholding in Korea Zinc. The disclosures suggest Chairman Choi's side is straining for liquidity while supporting Jericho Partners.

Realty Fine Co., Ltd. purchased 4.9 million Refine common shares at KRW 17,600 (~$13) per share in cash. Subscribed shares fell short of the planned 5.2 million shares, so all subscribed shares were purchased. Realty Fine's post-offer holding rose to 13.3 million shares, or 76.52% of Refine's 17.3 million issued common shares. Tender offer period ran August 18, 2026 to September 16, 2026, with settlement on September 18, 2026. NH Investment & Securities Co., Ltd. acted as the agent for the tender offer.

DCK Investment Co., Ltd. tendered for Gabia common shares at KRW 48,000 (~$35) per share, cash, minimum 3,267,629 to maximum 9,805,505 shares. Tender offer period ran July 20, 2026 through September 17, 2026, with settlement date September 21, 2026. Only 721,413 shares were tendered, below the minimum. DCK purchased 0 shares. DCK had pre-existing share purchase agreements with Kim Hong-guk and two others for 3.3 million shares dated July 17, 2026. Because the tender minimum was not met, conditions precedent for those agreements were not satisfied; the agreements may be terminated. DCK Investment holds 3.3 million shares, 24.4% of issued common shares including treasury shares (25.0% excluding treasury shares). This event signals that South Korea's 50%-plus-one-share tender rule is shifting the economics of control transactions. DCK Investment, a Macquarie Asset Management SPC, terminated its tender offer for GABIA, Inc. (079940.KQ) after failing to meet its minimum threshold of 3.3 million shares. The offer ran from July 20 to September 17 at 48,000 KRW per share, but received tenders for only 721,413 shares, or 22.1% of the minimum requirement.

Aribio Holdings Co., Ltd. (290690.KQ) and Aribio Co., Ltd. terminated their absorption merger agreement via board resolutions on September 29, 2026.

GABIA, Inc. (079940.KQ) terminated the July 17, 2026 stock purchase agreement on September 23, 2026 because the tender-offer precondition was not met: DCK's public tender fell short of the required 3,267,629 shares.

Macquarie Asset Management's tender offer for Gabia at 48,000 won per share failed after attracting only 721,413 shares, approximately 5.4% of outstanding shares and about 7.4% of the target. Align Partners Asset Management has called for an extraordinary general meeting to appoint two additional independent directors and one non-executive director. Align Partners previously demanded the tender offer price be raised to between 65,400 won and 79,900 won per share. Align Partners criticized the lack of independent valuation verification and cited conflict-of-interest concerns given management retains future value appreciation while minority shareholders receive cash. Miri Capital, holding a 24.2% stake, and Align Partners Asset Management, holding a 14.3% stake, blocked the deal by citing undervaluation and demanding independent valuations or competing bids.

Hanwha Plus No. 5 SPAC filed an amended merger-resolution disclosure on September 29, 2026, following the original July 27 disclosure.

LUXCo Co., LTD. will be the surviving company in a merger with IBKS No.

Merger ratio is Auto Hands: Mirae Asset Vision SPAC 7 = 1: 0.2509636.

Skonec Entertainment (276040.KQ) applied for the commencement of rehabilitation proceedings with the Seoul Rehabilitation Court on September 23, 2026.

Hive Ocean Co., Ltd. will become the largest shareholder of Samyung ENC Co., Ltd. (065570.KQ) by paying KRW 10.0 billion (~$7.4M) for 20 million new common shares at KRW 500 per share.

Skonec Entertainment Co., Ltd. filed an application for commencement of rehabilitation proceedings with the Seoul Rehabilitation Court, requesting preservation measures and a comprehensive prohibition order.

Contentree Central (036420.KS) is reviewing strategic alternatives for its subsidiary SLL Central, the producer of The Roundup film series.

Luken Technologies (162120.KQ) is preparing to transfer its listing from KONEX to KOSDAQ. The company is coordinating with a lead manager and scheduling technology evaluations related to its semiconductor sales to facilitate the move. No specific details regarding the transfer have been confirmed. A re-disclosure of progress is required by October 14, 2026. This event is a listing-change process rather than an inbound offer.

Kakao Corp. (035720.KS) appointed Kim Do-young, CEO-designate of Kakao X, as co-chair of the CA Council to jointly oversee the company's split into a platform business entity and an investment-focused entity.

Shareholders holding about 2% of Kakao's total outstanding shares registered opposition to the small-scale merger with Kakao Investment during the objection period from Sept.

KRX halted trading in SHIN HWA DYNAMICS Co., Ltd. shares effective 12:19 on October 2, 2026.

JR Global REIT (348950.KS) faces potential delisting from the KOSPI after receiving an auditor's disclaimer of opinion.

For Kyongbo Pharmaceutical, the court granted a stay of execution, suspending the product license cancellation until 30 days after the appellate court's judgment on the main appeal.

The 1-month business suspension of GS E&C's civil engineering and construction business was fully revoked and rendered void as of September 19, 2026.

STX Corporation (011810.KS) is implementing a debt-for-equity swap under its court-approved rehabilitation plan.

TKG Taekwang Co., Ltd. is conducting a second cash tender offer to take TKG Aikang Co., Ltd. (022220.KQ) private via voluntary delisting. The offer is for 16.1 million shares, or 31.04% of issued shares, at KRW 900 per share. The tender period runs from August 31 to September 19, 2026, with settlement on September 22, 2026. The board expressed support for the offer on September 15, 2026. The KRW 900 price exceeds the DCF valuation range upper bound of KRW 885 and the recent one-year VWAP of approximately KRW 792, providing a liquidity exit ahead of delisting.