EM&I Appeals for Support at Extraordinary General Meeting "Concerns Over Minority Shareholder Director Candidate's History of Delisting and Stock Price Manipulation"

On the 31st, Go Chang-hoon, CEO of EM&I, expressed concerns about the director candidates for the extraordinary general meeting of shareholders scheduled for the 13th of next month and posted a shareholder letter on the company's website.

The agenda items to be addressed at the extraordinary meeting include △the dismissal of eight directors, including CEO Go Chang-hoon, and one auditor △the appointment of eight new inside directors and one auditor, including Mr. Shin. Although the court is still reviewing the shareholder meeting convening approval case filed by Mr. Shin and one other person, the company stated that it voluntarily convened the shareholder meeting in accordance with the purpose of the Commercial Act to protect minority shareholders.

CEO Go said, "Some candidates have been confirmed to have questionable backgrounds as registered directors of listed companies," adding, "If they join the management team, it will have a negative impact on the company."

The past careers of the director candidates recommended by Mr. Shin include the CEO and Chief Financial Officer (CFO) of Cyworld Z, which received a refusal of audit opinion in 2023, and the CEO of Signal Entertainment, which was delisted in 2018. Given that they have been involved in media reports related to corporate raiders or stock manipulation groups, there are concerns that they may be connected to such forces.

He pointed out, "They caused a management dispute the year before last, which also affected the company's operating profit decline," adding, "They are causing disputes again, resulting in losses for the company, and their intention to seize management rights is deeply concerning and is holding back growth, which is regrettable."

In particular, he emphasized the professionalism and capability of the current management by presenting recent business performance in detail. He explained that since the current management took over company operations in 2021, the company has transformed into an organic light-emitting diode (OLED) specialized company and successfully returned to profitability.

CEO Go stressed, "Last year, we began full-scale growth, with sales and operating profit steadily increasing, and liquidity and debt ratios are being maintained stably," adding, "The results of new business ventures are also becoming visible."

He continued, "To fulfill responsible management, the major shareholder has pledged a lock-up on management shares, and company executives and employees are doing their best to increase corporate value."

He also appealed, "I earnestly ask once again for support for the current management while scrutinizing the malicious intentions of the forces that caused this management dispute."