The conflict between Hive and CEO Min Hee-jin is escalating, and an extraordinary board meeting to discuss the agenda to replace the management team of Udo for the board meeting on the 10th due to the conflict is scheduled to take place.
According to Min Hee-jin’s legal firm Sejong, the board will be held in downtown Seoul on the 10th. The exact time and location are not disclosed, and it is uncertain whether the details will be made public after the meeting.
It is known that the agenda to be presented to the board is the convening of an extraordinary shareholders’ meeting. Min Hee-jin’s side previously stated their intention to hold the board meeting until the 10th and convene the extraordinary shareholders’ meeting by the end of this month.
However, the specific agenda that Udo will bring up at the extraordinary shareholders’ meeting has not been revealed yet. With Hive holding 80% of the shares in the current control structure, the possibility of Min Hee-jin being dismissed as a director if the extraordinary shareholders’ meeting is held and passed seems likely.
Currently, Udo’s board consists of three directors, including Min Hee-jin. Considering that it takes 15 days to notify a shareholders’ meeting after the board decides to convene it, the date for the extraordinary shareholders’ meeting is likely to be after the 27th.
Hive has demanded an extraordinary shareholders’ meeting to replace the Udo management team, and if the Udo board rejects it, it is expected that the court will accept the approval of the extraordinary shareholders’ meeting on the 13th.
Meanwhile, NU’EST is gearing up for a comeback on the 24th.