AJ Networks Co., Ltd. (KOSE:A095570) announced the spin-off of AJ PNL Co.,Ltd. to its shareholders on November 3, 2020. The number of shares of the newly established company is allocated in proportion to the number of shares held by the shareholders of the AJ Networks Co., Ltd. to be divided. Following completion of spin-off, pallet rental business division is divided to establish a simple division new company, and the AJ Networks survives rental business unit and investment business unit, centered on the aerial equipment (AWP), will be operated. the stocks issued by the newly established company will be re-listed on the Korea Stock Exchange. Spin-off surviving company: 0.7277313- Spin-off company: 0.2722687. The new company will be named as AJ Logis Value Co., Ltd. As of June 30, 2020, AJ PNL Co.,Ltd. reported total assets of KRW 430.7 billion and total common equity of KRW 107.9 billion. The transaction is subject to shareholder approval of AJ Networks. As of January 12, 2021, AJ Networks Co., Ltd. decided to postpone the schedule until discussions with stakeholders are completed in consideration of the fact that discussions with stakeholders such as the Korea Exchange and the schedule for extraordinary shareholders' meetings cannot be confirmed at this time.  As per the disclosure of January 2021, due to the growing uncertainty of the business environment due to the overall economic downturn and the reorganization of the subsidiary business structure, it was decided to postpone the deal into second half of 2021. AJ Networks Co.,Ltd. will schedule a shareholder meeting in February 2023 & New share allocation base date will be February 28, 2022.Transaction is expected to close by March 2, 2021

AJ Networks Co., Ltd. (KOSE:A095570) cancelled the spin-off of AJ PNL Co.,Ltd. to its shareholders on February 10, 2023.