Norangpungseon Grants Stock Options to Employees... Exercise Price Set at 8,920 Won

Approval of Agenda at Regular Shareholders' Meeting
858,250 Shares for 333 Participants
Rights Exercisable from March 22, 2025

Norang Poongseon will grant a total of 858,250 stock options to 333 executives and employees as a result of improved performance following the resumption of overseas travel.

Kim Jin-guk, CEO of Norangpungseon, is explaining the agenda at the regular shareholders' meeting.
[Photo by Norangpungseon]

According to Norang Poongseon on the 23rd, this agenda was approved at the 22nd regular general meeting of shareholders held the previous day. The stock options are registered common stocks, and at the time of exercising the stock options, the holder is given the choice to purchase shares through new stock issuance, treasury stock transfer, or cash settlement. The exercise price is 8,920 KRW. The eligible executives and employees can exercise these options starting from March 22, 2025.

Earlier, on the 14th, Norang Poongseon announced through the submission of the audit report that last year's separate financial statement sales amounted to 21 billion KRW, resolving the 'sales under 3 billion KRW' factor according to KOSDAQ listing regulations, and thus was removed from the management stock designation. This came one year after being designated as a management stock in March last year. In 2021, separate sales were 2.5 billion KRW, falling short of 3 billion KRW, but sales increased by 737.2% within one year.

At the shareholders' meeting, the remaining agenda items including ▲approval of financial statements ▲partial amendment of the articles of incorporation ▲appointment of auditor ▲approval of director remuneration limits ▲approval of auditor remuneration limits ▲approval of capital reserve reduction were all passed.

Norang Poongseon decided to convert 17 billion KRW out of the total capital reserve and earned surplus, which currently exceeds 11.8 billion KRW, 1.5 times the capital, into retained earnings. Through this, they plan to increase distributable profits and seek ways to return value to shareholders via treasury stock repurchase, dividend payments, and other methods.

A Norang Poongseon official said, "We were removed from the KOSDAQ management stock designation as sales recovered last year, and thanks to the efforts of our executives and employees and the trust of our shareholders, we were able to overcome difficult times well. Moving forward, we will establish systems to provide more benefits to our employees and strengthen communication with shareholders to further enhance shareholder value."