AudinFutures, Dismissal of CB Issuance Nullification Lawsuit... "New Business Promotion Progressing Smoothly"

Audin Futures announced that it has resolved legal risks with the court's dismissal of the injunction request to prohibit new share issuance, and plans to focus on promoting new businesses now that there are no obstacles to additional fundraising.

Audin Futures stated on the 17th that the Seoul Central District Court dismissed the injunction request filed by Rio and four others on the 14th to prohibit new share issuance. Previously, Rio and others, through their legal representative Kim & Chang Law Firm, filed a lawsuit seeking to prohibit Audin Futures from issuing convertible bonds (CB) worth 5.1 billion KRW, issuing CB worth 6.4 billion KRW, and conducting a paid-in capital increase worth 9 billion KRW.

The court ruled that the plaintiffs failed to prove that they were creditors in the lawsuit. It also found no grounds for the claim that the fundraising was an unfair act.

An Audin Futures official explained, "The court recognized that this was a 'baseless and groundless lawsuit,'" adding, "It was an expected outcome, but we are relieved that a quick decision was made."

Meanwhile, Audin Futures recently signed a joint management contract with Gubong Industry to promote new businesses. Gubong Industry has agreed to invest 7.3 billion KRW in Audin Futures through a paid-in capital increase. Additionally, to ensure responsible management, it will acquire 2 million shares from the existing largest shareholder, CEO Choi Young-wook, for 8 billion KRW. The payment date for the paid-in capital increase and the sale of existing shares is scheduled for the 31st of next month.