[EcoGlow Zoom-In] ② A shake-up in governance… the three-way rivalry draws attention

EcoGlow’s control structure is shifting as largest shareholder Thepyeon sold 1.2 million shares off-market to repay debt, cutting its stake from 23.19% to 11.72%.

Thepyeon still remains the largest shareholder and has secured friendly voting support through joint voting rights with Christianity.

At the same time, KrisValue, tied to CEO Song Ho-gil, holds call options on 1,096,491 shares linked to the 17th convertible bond issue.

Depending on alliance management and whether the call options are exercised, EcoGlow’s ownership and voting balance could change again.