Following NewJeans' certified mailing, Min Hee Jin, former CEO of ADOR, notifies HYBE of put option exercise

Former ADOR CEO Min Hee Jin has notified HYBE that he will exercise a "put option" on ADOR shares.
According to the music industry on the 14th, former CEO Min Hee Jin had been promoting HYBE earlier this month.
Min Hee Jin has notified HYBE of the exercise of her put option. A put option is a right to claim shares, and is one of the core elements of the shareholder agreement that she signed with HYBE.
According to the shareholders' agreement between Min Hee Jin and HYBE, when exercising the put option, Min Hee Jin will receive the shares of ADOR for the two most recent fiscal years.
The amount will be calculated by multiplying the average operating profit by 13, which is equal to 75% of the shares of ADOR that the investor holds.
The calculation base year for the put option is 2022 to 2023. ADOR’s 2022 operating profit is
The profit was minus 4 billion won in 2020 and 33.5 billion won in 2023. Min Hee Jin held 573,160 ADOR shares, which were worth approximately 26 billion won at the time of calculation according to the contract.
In July, HYBE notified Min Hee Jin of the termination of the shareholder agreement, but Min Hee Jin did not accept the request.
It is expected that they will have a legal battle with Jin. Not only that, on the 13th, it was revealed that "NewJeans" sent a certified letter to ADOR demanding the termination of the exclusive contract.
In its corrective actions, NewJeans encouraged management at NewJeans to take all necessary steps and to take action against ADOR for poor performance.
In addition to the above, they demanded the resolution of various unnecessary disputes. NewJeans has set a grace period on the 14th to demand corrections, and if the corrections are not made, it will be possible to terminate the contract.
ADOR is currently investigating the specific details and is taking the stance that it will terminate the exclusive contract if the problem is not corrected.
"NewJeans" sent a certified letter to ADOR regarding the termination of the exclusive contract, and Min Hee Jin was asked to sign a contract with HYBE.
With both companies having notified each other that they will exercise their option to buy or sell stock, attention is focused on which company will have the laugh.