Redrover, Termination of Management Rights Transfer Contract and Withdrawal of Paid-in Capital Increase

[Asia Economy Reporter Lee Jung-yoon] Redrover announced on the 19th that it has agreed to terminate the management rights transfer contract in which One Asia Partners was to transfer to IL Base.

The termination concerns the new share issuance and subscription contract signed on January 4th among The Soul, Roy Consulting, Redrover, and One Asia Partners. It also includes the termination of the management rights transfer contract signed on January 25th between The Soul and IL Base, as well as the resignation of all board members jointly recommended and appointed by The Soul, Roy Consulting, and IL Base.

Additionally, the two capital increases planned by The Soul and Roy Consulting have been withdrawn.

Furthermore, CEO Baek Seong-jun submitted his resignation due to personal reasons, as announced. Until a new CEO is appointed, the executive officer in charge of business execution will act on behalf of the CEO.