Notice Regarding Delisting of Company Stock from the Korea Exchange (KOSDAQ)

SNK Corporation officially delisted its Korean Depositary Receipts (KDR) from the Korea Exchange (KOSDAQ) on May 18, 2022. This action follows a strategic acquisition process initiated by Electronic Gaming Development Company (EGDC), a wholly-owned subsidiary of the Mohammed Bin Salman Bin Abdulaziz Al Saud Foundation. The delisting marks the conclusion of SNK’s presence on the KOSDAQ market, where it had been listed since May 7, 2019.

The transition was driven by a successful tender offer conducted by EGDC between December 17, 2021, and February 10, 2022. By February 15, 2022, EGDC had secured 20,256,653 KDRs, representing a 96.18% ownership stake in the company. This concentration of shares triggered the delisting criteria established by the Korea Exchange. Following a formal resolution at an extraordinary general meeting of shareholders on April 14, 2022, the company applied for delisting, which received regulatory approval on May 4, 2022.

Moving forward, SNK will transition into a wholly-owned subsidiary of EGDC through a squeeze-out process involving the acquisition of all remaining outstanding shares. This corporate restructuring is intended to consolidate ownership under EGDC, which aims to enhance the company’s long-term enterprise value and operational development. The delisting signifies a shift in the company’s capital structure as it integrates fully into the investment framework of its parent organization.