Refine

377450 · KOSDAQ · Information Technology · SMALL CAP

Updated terms.

Refine's largest shareholder (RealtyFine Co., Ltd.) pledged shares as loan collateral to a financial company, securing up to US$97.9M.

Ownership change([Amended] Share-pledge agreement that may change the largest shareholder)· FILED 2026-09-18· RCEPT 20260918900632

76.52%Current stake
US$97.9MLoan secured
0%Stake if enforced

Converted at 1 USD ≈ ₩1,379.53 (filing-date rate, 2026-09-17 close)

What happened

Refine's largest shareholder (RealtyFine Co., Ltd.) pledged shares as loan collateral to a financial company, securing up to US$97.9M.

If the collateral is enforced, the largest shareholder's stake, and with it, control of the company, could change.

Largest shareholderRealtyFine Co., Ltd.
Current stake76.52%
Loan securedUS$97.9M
Stake if enforced0%
Filed2026-09-18, [Amended] Share-pledge agreement that may change the largest shareholder
SourceDART rcept 20260918900632 → open original filing

Versions of this filing

  1. 2026-08-27Original
  2. 2026-09-18Amendment 1 (this page)
Read the full filing in English

CORRECTION NOTICE FOR DISCLOSURE DOCUMENT

Execution of Stock Pledge Agreement Accompanied by Change of Largest Shareholder Correction Date: 2026-09-18

1. DISCLOSURE DOCUMENT SUBJECT TO CORRECTION Execution of Stock Pledge Agreement Accompanied by Change of Largest Shareholder

2. SUBMISSION DATE OF DISCLOSURE DOCUMENT SUBJECT TO CORRECTION 2026-08-27

3. REASON FOR CORRECTION Change in collateral provision details due to additional acquisition of shares through public tender offer and execution of additional stock pledge agreement.

4. CORRECTION DETAILS

Corrected Item | Before Correction | After Correction --- | --- | --- 1. Number of shares owned as of disclosure date (shares) / Shareholding ratio (%) | 8,311,487 / 47.96% | 13,260,259 / 76.52% 4. Collateral provision details - Cumulative number of collateral pledge contracts (cases) / Cumulative total number of pledged shares (shares) | 1 / 8,311,487 | 2 / 13,260,259 5. Date of execution of collateral right establishment contract (current case) | 2026-08-27 | 2026-09-18

5. OTHER MATTERS FOR REFERENCE IN INVESTMENT DECISIONS

- The shareholding ratio (%) in item 1 above is calculated based on the Company's current total issued shares of 17,330,000 shares. - Since no collateral establishment amount and collateral maintenance ratio were set, the collateral establishment amount in item 3 above states the borrowing amount of the collateral provider (largest shareholder). However, the scope of secured debt under the collateral agreement includes not only the principal loan amount but also all debts borne by the collateral provider (largest shareholder) under related financial contracts, including agreed interest, default damages, fees, and expenses. - This disclosure is a correction of the existing disclosure because the largest shareholder, Realty Fine Co., Ltd., additionally acquired 4,948,772 ordinary shares of the Company through a public tender offer, and executed an "Additional Stock Pledge Agreement" for such additionally acquired shares on September 18, 2026. - The date of execution of the collateral right establishment contract in item 5 above is the execution date of the "Additional Stock Pledge Agreement" executed for ordinary shares additionally acquired by the largest shareholder through public tender offer. - The start date of the collateral provision period for item 2 in the [Individual Collateral Provision Contract Details] below is September 18, 2026, the execution date of the "Additional Stock Pledge Agreement," and the end date is stated based on the final repayment date set in the related loan agreement. - Since no collateral establishment amount and collateral maintenance ratio were set, the collateral establishment amount in item 3 above states the borrowing amount of the collateral provider (largest shareholder). However, the scope of secured debt under the collateral agreement includes not only the principal loan amount but also all debts borne by the collateral provider (largest shareholder) under related financial contracts, including agreed interest, default damages, fees, and expenses.

INDIVIDUAL COLLATERAL PROVISION CONTRACT DETAILS

Number of pledged shares (shares): - Item 1: 8,311,487 - Item 2: 4,948,772

Collateral provision period (start date ~ end date): - Item 1: 2026-08-27 ~ 2027-02-27 - Item 2: 2026-09-18 ~ 2027-02-27

Contract execution date: - Item 1: 2026-08-27 - Item 2: 2026-09-18

Collateral right execution conditions (including special provisions): - Item 1: Loss of benefit of time for debt repayment, etc. - Item 2: Loss of benefit of time for debt repayment, etc.

EXECUTION OF STOCK PLEDGE AGREEMENT ACCOMPANIED BY CHANGE OF LARGEST SHAREHOLDER

1. MATTERS RELATING TO COLLATERAL PROVIDER (LARGEST SHAREHOLDER)

Name (Company Name): Realty Fine Co., Ltd. Number of shares owned as of disclosure date (shares): 13,260,259 Shareholding ratio (%): 76.52% Number of shares owned upon full execution of collateral right (shares): 0 Shareholding ratio (%): 0%

2. TOTAL AMOUNT OF DEBT (BORROWING) 135,000,000,000 KRW

3. TOTAL COLLATERAL ESTABLISHMENT AMOUNT 135,000,000,000 KRW

4. COLLATERAL PROVISION DETAILS Cumulative number of collateral pledge contracts (cases): 2 Cumulative total number of pledged shares (shares): 13,260,259

5. DATE OF EXECUTION OF COLLATERAL RIGHT ESTABLISHMENT CONTRACT (CURRENT CASE) 2026-09-18

6. OTHER MATTERS FOR REFERENCE IN INVESTMENT DECISIONS

- The shareholding ratio (%) in item 1 above is calculated based on the Company's current total issued shares of 17,330,000 shares. - This disclosure is a correction of the existing disclosure because the largest shareholder, Realty Fine Co., Ltd., additionally acquired 4,948,772 ordinary shares of the Company through a public tender offer, and executed an "Additional Stock Pledge Agreement" for such additionally acquired shares on September 18, 2026. - The date of execution of the collateral right establishment contract in item 5 above is the execution date of the "Additional Stock Pledge Agreement" executed for ordinary shares additionally acquired by the largest shareholder through public tender offer. - The start date of the collateral provision period for item 2 in the [Individual Collateral Provision Contract Details] below is September 18, 2026, the execution date of the "Additional Stock Pledge Agreement," and the end date is stated based on the final repayment date set in the related loan agreement. - Since no collateral establishment amount and collateral maintenance ratio were set, the collateral establishment amount in item 3 above states the borrowing amount of the collateral provider (largest shareholder). However, the scope of secured debt under the collateral agreement includes not only the principal loan amount but also all debts borne by the collateral provider (largest shareholder) under related financial contracts, including agreed interest, default damages, fees, and expenses.

RELATED DISCLOSURE: 2026-08-27 Execution of Stock Pledge Agreement Accompanied by Change of Largest Shareholder

INDIVIDUAL COLLATERAL PROVISION CONTRACT DETAILS

| Item | Creditor (Collateral Right Holder) | Debtor | Purpose of Borrowing | Collateral Establishment Amount (KRW) | Type of Collateral Right | Number of Pledged Shares (shares) | Mandatory Holding Requirement | Collateral Provision Period (Start Date ~ End Date) | Contract Execution Date | |---|---|---|---|---|---|---|---|---|---| | 1 | NH Investment & Securities Co., Ltd. | Realty Fine Co., Ltd. | Acquisition financing refinancing and stock acquisition funds | 135,000,000,000 | Stock pledge right | 8,311,487 | Not applicable | 2026-08-27 ~ 2027-02-27 | 2026-08-27 | | 2 | NH Investment & Securities Co., Ltd. | Realty Fine Co., Ltd. | Acquisition financing refinancing and stock acquisition funds | 135,000,000,000 | Stock pledge right | 4,948,772 | Not applicable | 2026-09-18 ~ 2027-02-27 | 2026-09-18 |

COLLATERAL RIGHT EXECUTION CONDITIONS

| Item | Collateral Right Execution Conditions (Including Special Provisions) | |---|---| | 1 | Loss of benefit of time for debt repayment, etc. | | 2 | Loss of benefit of time for debt repayment, etc. |

MATTERS RELATING TO DEBTOR

1. PERSONAL INFORMATION

Basic Information: - Name (Company Name): Realty Fine Co., Ltd. - Nationality: Republic of Korea - Address (Principal Place of Business) [up to eup/myeon/dong level]: Seoul, Gangnam-gu, Teheran-ro 211 - Date of Birth (Business Registration Number, etc.): 251-86-03477 - Occupation (Business Description): Other financial business

Status of Largest Shareholder, Representative Director, and Representative Executive Officer, and Financial Condition (when debtor is a corporation):

| Classification | Name | Number of Shares | Shareholding Ratio (%) | |---|---|---|---| | Largest Shareholder | Stonebridge Equity Opportunity Fund 2-1 Private Investment Partnership | 46,659 | 29.1% | | Representative Director | Hyun Seung-yoon | - | - |

Financial Information (Unit: Million KRW) | Fiscal Year 2025 (Closing Date: December) --- | --- Total Assets | 195,893 Capital | 16 Total Liabilities | 38,513 Revenue | 554 Total Capital | 157,380 Net Income for the Period | -1,293 External Auditor | Tail Accounting Firm Business Suspension Status | No Audit Opinion | Appropriate Business Closure Status | No

2. RELATIONSHIP WITH THE LISTED COMPANY OR LARGEST SHAREHOLDER, ETC.

Relationship between Debtor and Listed Company: - Largest Shareholder

Relationship between Debtor and Company's Largest Shareholder and Officers:

| Name | Relationship with Debtor | |---|---| | Largest Shareholder Realty Fine Co., Ltd. | Self |

3. TRANSACTION HISTORY WITH THE LISTED COMPANY OVER THE PAST THREE YEARS (EXCLUDING ROUTINE TRANSACTIONS)

| Classification | Name (Company Name) | Current Year | Previous Year | Year Before Previous | |---|---|---|---|---| | - | - | - | - | - |

Source: DART. Information only, not investment advice.

For informational purposes only. This is not investment advice, a recommendation, or a solicitation to buy or sell any security. Do your own research; any investment decision is your own responsibility.

Data from DART, Korea's official corporate-filing system. Data sourced from official DART filings. Accuracy is not guaranteed. Figures are as of the date shown. As of 2026-09-18 (KST). · Converted at 1 USD ≈ ₩1,325 (rate of 2026-10-21).

Company summaries are generated and may contain errors; financial figures are mapped directly from official filings.