DoubleDown Interactive Announces Results of 2022 Extraordinary General Meeting

Rhea-AI Summary

DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) held an extraordinary general meeting of shareholders on August 26, 2022, in Seoul, Korea. Shareholders approved the re-election of directors In Keuk Kim, Joseph A. Sigrist, Ki Chul Kim, and Haenam Kim for a new three-year term through August 25, 2025. Additionally, Whanlim Kim was elected as a non-executive independent director. The meeting also saw approval for a capital reserve reduction of KRW 70,000,000,000 according to Korean Commercial Code regulations. The board now consists of three non-executive independent directors.

Positive

• Re-election of current directors enhances board stability.
• Election of Whanlim Kim as independent director may bring fresh perspectives.
• Reduction of capital reserve can potentially increase shareholder value.

Negative

• None.

SEATTLE, Aug. 30, 2022 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital social casino games, today announced that at an extraordinary general meeting of shareholders (the “EGM”) held on August 26, 2022 at 11:00 am, Korea Standard Time, in Seoul, Korea, the shareholders of record as of August 3, 2022, approved and adopted the following resolutions as originally proposed by the Company’s board of directors:

1. Re-election of each of In Keuk Kim, Joseph A. Sigrist, Ki Chul Kim, and Haenam Kim (each a current director of the Company with a term expiring in November 2022 and prior to the Company’s next annual general meeting in 2023), as a director of the Company for a new three-year term commencing on August 26, 2022 and ending on August 25, 2025;
2. Election of Whanlim Kim as a non-executive independent director of the Company for a three-year term commencing on August 26, 2022 and ending on August 25, 2025; and
3. Approval of the reduction of the Company’s capital reserve in the amount of KRW 70,000,000,000 pursuant to Article 461-2 of the Korean Commercial Code.
   

As a result of the EGM, the Company currently has three non-executive independent directors on its board. The Company’s two additional non-executive independent directors, Yanghoon Cho and Jaesung Chung, are not up for re-election at this EGM. Their current three-year terms will expire in May 2023.

About DoubleDown Interactive

DoubleDown Interactive Co., Ltd. is a leading developer and publisher of digital games on mobile and web-based platforms. We are the creators of multi-format interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. Our flagship title, DoubleDown Casino, has been a fan-favorite game on leading social and mobile platforms for years, entertaining millions of players worldwide with a lineup of classic and modern games.

Company Contact:
Joe Sigrist
ir@doubledown.com
+1 (206) 773-2266
Chief Financial Officer
https://www.doubledowninteractive.com

Investor Relations Contact:
Cody Slach or Jeff Grampp, CFA
Gateway Group
1-949-574-3860
DDI@gatewayir.com

FAQ

What resolutions were approved at DoubleDown Interactive's EGM on August 26, 2022?

At the EGM, shareholders approved the re-election of directors and the election of a new non-executive independent director, along with a capital reserve reduction.

Who were re-elected as directors during the extraordinary general meeting of DoubleDown Interactive?

In Keuk Kim, Joseph A. Sigrist, Ki Chul Kim, and Haenam Kim were re-elected as directors.

What is the capital reserve reduction amount approved by DoubleDown Interactive?

The approved capital reserve reduction amount is KRW 70,000,000,000.

How long will the newly elected directors serve at DoubleDown Interactive?

The newly elected directors will serve a three-year term, ending on August 25, 2025.

How many non-executive independent directors are currently on DoubleDown Interactive's board?

Currently, there are three non-executive independent directors on DoubleDown Interactive's board.