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Align Partners Asset Management filed a lawsuit against SoluM Co. to invalidate the issuance of 7 million redeemable convertible preferred shares (RCPS) valued at 120 billion won. The RCPS includes 6 million Type 2 RCPS1 and 1 million Type 2 RCPS2 shares issued on July 5, 2022.

SoluM issued these shares to raise funds for operations and acquisitions. The lawsuit follows minority shareholders' concerns that the issuance was a defense tactic for management control. Align Partners increased its stake in SoluM from 4.99% to 8.04% after purchasing additional shares from August 27 to September 3, 2022. Align Partners, founded in 2021, focuses on enhancing corporate value through governance improvements.