Bitgwajeonja announced in a regulatory filing on the 19th that it has granted final approval for a short-form merger with its subsidiary Seyoung Technology via a board resolution in lieu of a general shareholders' meeting.

As the number of shares held by dissenting shareholders fell short of 20% of the total outstanding shares, the agenda for the absorption-type merger with Seyoung Technology was passed at the board meeting on this day, pursuant to Article 527-3 of the Commercial Act.

This merger will proceed as a short-form merger in which Bitgwajeonja participates as the surviving company and Seyoung Technology as the dissolving company. Upon completion of the merger, Bitgwajeonja will survive and Seyoung Technology will be dissolved. No new shares will be issued as a result of the merger, and the merger ratio of Bitgwajeonja to Seyoung Technology is 1.0000000 to 0.0000000.

The period for expressing dissent was from June 4 to June 18, 2026. During this period, the number of dissenting shareholders was 4,305, and the number of dissenting shares was 1,244,829, amounting to only 1.15% of the total outstanding shares. This falls well short of the 20% threshold required to block a short-form merger.

The merger date is July 22, 2026, and the board of directors approved the merger as originally proposed.

The company explained, "Since the number of shares held by dissenting shareholders did not reach 20% of the total outstanding shares, the approval of the general shareholders' meeting could be replaced by a board resolution."