[Amended] Merger decision (subsidiary)

A later amendment corrects this filing, so the terms on this page may be out of date. See the latest version (2026-09-21) →

What happened

Amendment report, dated 2026-08-21. 1. Disclosure document being amended: Merger decision (material management matter of subsidiary) 2. Original filing date of the disclosure document being amended: 2026-06-17 3. Reason for the amendment: Simple delay in the administrative acceptance process for the merger (broadcasting business operator change) filing with the Korea Communications Commission 4. Amendment details Amendment item | Before amendment | After amendment 8. Merger schedule - merger date | 2026-08-21 | 2026-09-21 8. Merger schedule - expected merger registration date | 2026-08-24 | 2026-09-22 - This change in the merger schedule is due to a simple delay in the administrative acceptance process for the merger (broadcasting business operator change) filing with the Korea Communications Commission.

Report on a material management matter of the subsidiary M&C Net Media Co., Ltd.: merger decision

1. Merger method: KX Innovation Co., Ltd. will absorb-merge M&C Net Media Co., Ltd. - Surviving company: KX Innovation Co., Ltd. - Dissolving company: M&C Net Media Co., Ltd.

2. Purpose of the merger: To streamline the broadcasting business and enhance management efficiency

3. Merger ratio: 0.0000000

4. Basis for calculating the merger ratio: The surviving company KX Innovation Co., Ltd. owns 100% of the shares of the dissolving company M&C Net Media Co., Ltd., and because this merger proceeds as a no-new-shares merger in which no new shares are issued, the merger ratio was calculated as 1.0000000:0.0000000. - Corporate value: Surviving company -; dissolving company -

5. Type and number of merger-issued new shares (shares): Common shares -; class shares -

6. Merger counterparty Company name: KX Innovation Co., Ltd. Main business: Broadcast transmission and broadcast channel business, etc. Relationship with the Company: Parent company Financial details for the most recent fiscal year (KRW million): Total assets 325,369,219,286; Capital 22,768,238,500; Total liabilities 228,127,558,372; Revenue 34,001,926,574; Total equity 97,241,660,914; Net income -7,409,323,323

7. Newly incorporated merger company Company name: - Capital (KRW): - Main business: -

8. Merger schedule Expected date of general shareholders' meeting: 2026-07-20 Period for submitting old share certificates: start date -; end date - Creditor objection period: start date 2026-07-20; end date 2026-08-20 Merger date: 2026-09-21 Expected merger registration date: 2026-09-22 Expected date of delivery of new share certificates: -

9. Matters concerning appraisal rights: -

10. Board resolution date (decision date): 2026-06-17 Outside director attendance: present (persons) -, absent (persons) - Auditor (audit committee member) attendance: Present

11. Future plans for corporate restructuring: As of the submission date of this disclosure, there is no matter concerning corporate restructuring being pursued or planned following completion of the merger.

12. Other matters for reference in investment decisions - This matter concerns the merger decision between the controlling company KX Innovation Co., Ltd. (surviving company) and the subsidiary M&C Net Media Co., Ltd. (dissolving company). - This merger is being pursued as a small-scale merger under Article 527-3 of the Commercial Act; however, if shareholders holding 20% or more of the surviving company KX Innovation Co., Ltd.'s total issued shares notify in writing their opposition to the merger within 2 weeks from the date of the merger announcement, this merger cannot proceed as a small-scale merger. In that case, the schedule and details of this merger may change. - This merger is a no-new-shares merger in which the surviving company will not issue merger new shares, and there will be no change in the capital of the surviving company KX Innovation Co., Ltd. after the merger. - The "6. Merger counterparty - financial details for the most recent fiscal year" above is based on the separate financial statements as of the end of 2025. - "8. Merger schedule" above is the expected schedule as of the submission date of this disclosure and may change based on consultation with or approval from relevant authorities and discussions between the merging parties. - The financial status in the [Matters Concerning the Subsidiary] section below is based on the financial statements of the subsidiary and the controlling company as of the end of 2025.

Related disclosures: 2026-06-17 Occurrence of grounds for dissolution (material management matter of subsidiary) Related disclosure regulations: Financial Investment Services and Capital Markets Act

[Matters Concerning the Subsidiary] Subsidiary name: M&C Net Media Co., Ltd. English name: M&C Net Media Co., Ltd. Representative: Ha Seung-jin Main business: Broadcast channel business, etc. Whether a major subsidiary: Applicable Total assets of the subsidiary (KRW): 257,089,110,311 Total consolidated assets of the controlling company (KRW): 935,923,720,688 Ratio to the controlling company's total consolidated assets (%): 27.47