Align Partners Issues Public Shareholder Letter and Submits Formal Shareholder Proposals to SoluM

Align Partners Capital Management Inc. (“Align Partners”), a shareholder of SoluM Co., Ltd. (“SoluM” or the “Company”), has submitted formal shareholder proposals for inclusion in the agenda of SoluM’s 2026 Annual General Meeting (“AGM”) and issued its first public shareholder letter to the Company’s Board of Directors.

Align Partners requested that SoluM’s Board and management provide a public written response to the shareholder letter by the AGM convocation notice deadline ahead of the March 2026 meeting. The campaign reflects Align Partners’ view that meaningful governance reforms and strategic focus are urgently needed to unlock shareholder value.

SoluM operates a high-growth Electronic Shelf Label (“ESL”) business with strong global positioning and attractive long-term market potential. Despite this, the Company’s share price has remained near historical lows since its listing. As of February 11, 2026, SoluM trades at a last-twelve-month EV/EBIT multiple of 28.9x, representing a significant discount compared to global ESL peers such as France’s Vusion Group (41.1x) and China’s Hanshow (41.2x). Align Partners believes this persistent undervaluation stems from structural inefficiencies in capital allocation and governance.

In its public letter, Align Partners outlined five key requests to enhance shareholder value. These include pursuing a corporate spin-off of the ESL business division to eliminate conglomerate discount and improve operational focus, while clearly committing in disclosure documents that no holding-company conversion will be pursued following the split. Align Partners also urged SoluM to publish a comprehensive corporate value-up plan within 2026, incorporating execution details on ESL software advancement, portfolio streamlining, and the Company’s “Vision 3.3.3” roadmap announced in April 2025.

Additionally, Align Partners called for governance normalization measures, including the waiver of call options and right-of-first-refusal rights held by the controlling shareholder, and the removal of voting cooperation obligations imposed on investors in the Company’s third-party issuance of voting RCPS. Align Partners also requested the introduction of a transparent system allowing minority shareholders to recommend independent director candidates publicly, and urged the Company to reform what it views as excessive CEO compensation by implementing a shareholder-aligned pay structure.

Separately, Align Partners submitted formal shareholder proposals to be voted on at the 2026 AGM. These proposals include amendments to SoluM’s Articles of Incorporation to require independent directors to constitute a majority of the Board, shorten the terms of independent directors and auditors from three years to one year, and establish mandatory board committees—including an Independent Director Nomination Committee, Compensation Committee, and Related Party Transactions Committee—composed entirely of independent directors. Align Partners also nominated two independent director candidates, Young-jae Seo and Young-ho Na, as well as audit candidate Jun-ho Kwak.

Align Partners stated that it expects these measures to strengthen board independence, improve accountability, and restore investor confidence in SoluM’s governance and strategic direction.

For additional details, including the full public shareholder letter and shareholder proposals, please visit www.alignpartnerscap.com.

About

Align Partners Capital Management Inc. is an investment company focused on Korea. Led by CEO Changhwan Lee, Align Partners leverages expertise in private equity and investment banking to engage with portfolio companies to address governance inefficiencies and the “Korea discount.”

https://www.alignpartnerscap.com/en/

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