Notice: Announcement of Bonus Stock Issue (Stock Split)

We hereby announce that the Board of Directors of PuzzleAI Co., Ltd., at a meeting held on November 29, 2024, resolved to issue new shares through a bonus issue (capitalization of reserves) as follows:

1. Source of capitalization: Capital reserve (Share premium)
2. Amount to be capitalized: 2,089,147,500 KRW
3. Details of new shares to be issued due to capitalization:
   1. Types and number of shares: Total 4,178,295 shares
      ① Common shares: 3,602,763 shares
      ② Convertible preferred shares: 118,431 shares
      ③ Convertible preferred shares 2: 94,734 shares
      ④ Convertible preferred shares 3: 47,367 shares
      ⑤ Convertible preferred shares 4: 315,000 shares
   2. Issue price: 500 KRW
   3. Par value of shares: 500 KRW
   4. Record date for new share allocation: December 14, 2024
   5. Method of new share allocation and fractional share treatment:
      New shares will be allocated to shareholders registered in the shareholder registry as of December 14, 2024, at a ratio of 9 new shares for every 1 share owned. (As the new share allocation ratio is 1:9, no fractional shares will occur.)

November 29, 2024

PuzzleAI Co., Ltd.
5th Floor, Shintaeyang Building, 507 Gangnam-daero, Seocho-gu, Seoul
CEO: Kim Yong-sik

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