Mobis Sued for Provisional Injunction to Halt Shareholders' Meeting: "Attempted Acquisition via Artificial Stock Surge"

KOSDAQ-listed company Mobis announced on January 7 that a provisional injunction lawsuit had been filed to prohibit the convening of its shareholders' meeting.

According to the Financial Supervisory Service's electronic disclosure system, plaintiff Choi filed a provisional injunction lawsuit with the Seongnam Branch of Suwon District Court to prohibit Mobis from holding its extraordinary shareholders' meeting scheduled for January 27.

According to the disclosure, the plaintiff argued, "Hyuksin Asset Management (CEO Lee Juhun), which has entered into a stock and management rights transfer agreement with Kim Jiheon, the largest shareholder and CEO of Mobis, artificially inflated Mobis's stock price and then used a stock-backed loan to pay the acquisition funds. Since their intention is to acquire management rights of Mobis, the shareholders' meeting should be prohibited."

Previously, on February 2 last year, Kim Jiheon, the largest shareholder and CEO of Mobis, signed a contract to transfer his 8,370,072 shares (26.02%) to Hyuksin Asset Management for 45 billion won, or 5,376.3 won per share. Additionally, a contract was signed to transfer management rights to Hyuksin Asset Management at the extraordinary shareholders' meeting scheduled for January 27.

In response, Mobis stated, "This is an attempt to disrupt normal corporate management and decision-making processes and to undermine shareholders' rights and interests," adding, "We will thoroughly review the facts through legal counsel and respond actively in accordance with the law and due process."