CEO Min Hee-jin and Adore’s board of directors, who are continuing their dispute with Hive, will hold a board meeting sometime today and decide whether to call an extraordinary general meeting of shareholders.
Hive previously applied to the court to convene an extraordinary general meeting of shareholders, and plans to remove CEO Min Hee-jin from Adore through the next extraordinary general meeting.
Accordingly, Representative Min filed a temporary injunction against the court to prevent Hive, Adore’s majority shareholder, from exercising its voting rights, and the 50th Civil Affairs Division of the Seoul Central District Court has designated the 17th as the date of the hearing.
If the injunction filed by CEO Min is accepted, CEO Min will maintain management rights to Adore, but if the injunction is rejected, Hive, the majority shareholder, is expected to replace Adore’s management and begin to resolve the situation.
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