Min Hee-jin demands termination of her exclusive contract with New Genes in February this year... Hive says 'reject'

While Hive and Adore CEO Min Hee-jin are experiencing internal conflict, it was revealed that the CEO alone requested 'the authority to terminate New Genes' exclusive contract' without going through the Adore board of directors last February.

According to related industries on the 2nd, CEO Min's law firm delivered to Hive an amendment to the contract between shareholders containing the above contents in February of this year.

Since the end of last year, the two sides have been discussing 'putback option multiple of 30 times' and 'application of putback option for additional 5% of shares'.

From the entertainment company's perspective, the exclusive contracts of its artists are key assets. Accordingly, major entertainment companies usually require board approval for exclusive contracts.

If CEO Min's request is accepted, New Genes may end the exclusive contract in the future without the consent of Adore's board of directors or Hive. Hive is said to have decided that the request was unreasonable and expressed its intention to refuse.

Hive previously announced the interim results of its audit of CEO Min. According to the interim audit results, Mr. A, a close associate of CEO Min, ▲ Exited the put option on January 2, 2025 ▲ Adore became an empty shell ▲ Seeked financial investors ▲ Recommended that Hive sell Adore ▲ At an appropriate price Sale ▲ It appears that CEO Min discussed acquiring shares of Adore with the money he cashed out as CEO of Adore.

Representative Min later held an emergency press conference and claimed that Hive's announcement was "at the level of Saddam."

Reporter Junho Yoon, Ten Asia delo410@tenasia.co.kr