S-1 CorporationKRX: 012750

Flashlight Capital Calls on Samsung to Put S-1 Stake Up for Open Auction

· Issued by S-1 Corporation via Business Wire

Summary by 6ix AI

Flashlight Capital Partners, a Singapore-based activist investment firm, on September 28, 2026 called on five Samsung Group affiliates that together hold 20.6% of S-1 Corporation to sell that stake through an open auction, after they declined its offer for the shares.

Key details

  • The five affiliates are Samsung SDI, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card and Samsung Securities.
  • On August 27 (KST), Flashlight Capital offered to buy the affiliates' entire holding of 7,815,656 shares at KRW116,000 per share, or KRW906.6 billion in total.
  • Flashlight Capital says the offer was a premium of approximately 45% to S-1's closing price on August 26 and exceeded the stock's all-time high.
  • The affiliates declined the offer, citing insufficient certainty of completion.
  • Flashlight Capital is asking the affiliates to appoint sell-side advisers (advisers who run a sale for the seller) and launch a competitive sale process without delay.

What’s still pending

  • Any open auction or sale depends on the Samsung affiliates choosing to run one.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/flashlight-capital-calls-on-samsung-to-put-s-1-stake-up-for-open-auction

  • Five Samsung affiliates declined Flashlight Capital's KRW906.6 billion offer for their 20.6% stake in S-1, citing deal certainty, not price

  • Flashlight Capital calls on the affiliates to appoint sell-side advisers and launch a competitive sale process without delay

  • "Samsung did not say S-1 is not for sale. Let the market decide who owns it next."

SINGAPORE, September 28, 2026--(BUSINESS WIRE)--Flashlight Capital Partners Pte. Ltd. ("Flashlight Capital") today called on the five Samsung Group affiliates that together hold 20.6% of S-1 Corporation (KRX: 012750) ("S-1") – Samsung SDI, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card and Samsung Securities – to sell their stake through an open auction.

On August 27 (KST), Flashlight Capital offered to acquire the affiliates' entire holding of 7,815,656 shares at KRW116,000 per share, or KRW906.6 billion in total. The offer represented a premium of approximately 45% to S-1's closing price on August 26, and exceeded the stock's all-time high. The affiliates declined, citing insufficient certainty of completion.

"Samsung's answer was not 'no.' It was 'not like this,'" said Sanghyun Lee, Founder and Managing Partner of Flashlight Capital. "If certainty is the concern, the answer is a competitive process. An open auction lets every credible buyer, strategic or financial, put a firm offer on the table, and lets each board choose the one that best serves its own shareholders."

Flashlight Capital noted that all five affiliates are listed companies whose directors owe duties to their own shareholders. Turning down a substantial premium without testing the market, and then holding a non-core minority stake indefinitely, is difficult to reconcile with those duties.

"For decades, S-1 has been treated as a third-class citizen within Samsung and a landing spot for its retiring executives," Lee said. "Korea's leading security company deserves a shareholder that actually wants to own it."

About Flashlight Capital

Flashlight Capital Partners Pte. Ltd. is a Singapore-based activist investment firm founded in 2020 by Sanghyun Lee, former Head of Korea at The Carlyle Group. The firm has led public campaigns at KT&G (2022) and S-1 Corporation (2026).

For more information www.FlashlightCap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260927946664/en/

Contacts

[email protected]

View original source (Business Wire)S-1 Corporation on 6ix

Earlier from S-1

All S-1 news releases