On March 20, 2026, Apimeds Pharmaceuticals US, Inc. (the 'Company') experienced significant changes in its leadership as a result of actions taken by its Majority Stockholders. The Majority Stockholders, which include Apimeds, Inc. and Inscobee Inc., delivered a written consent to remove four directors from the Company's board, effective immediately. This decision comes in the wake of ongoing discussions regarding a merger with MindWave Innovations Inc., which has raised concerns about the validity of certain representations made regarding MindWave's ownership of digital assets. The Majority Stockholders expressed dissatisfaction with the documentation provided by the Company, which they felt did not adequately address their concerns. Consequently, they deemed it necessary to remove the former directors to protect the interests of the Company and its shareholders.

In addition to the removals, the Majority Stockholders appointed three new directors: Mr. Youngjik Cho, Mr. Minguk Ji, and Mr. Junyoung Yu. These appointments are intended to fill the vacancies left by the removed directors. Mr. Cho has also been appointed as the new Chief Executive Officer, while Mr. Yu takes on the role of Secretary. The newly constituted board has indicated that both Mr. Ji and Mr. Yu are independent under applicable rules.

The Company is also pursuing a business expansion strategy, which includes potential joint ventures with Korean companies to enter the cosmetics and e-commerce markets. This expansion is seen as a strategic move to diversify the Company's operations and enhance its market presence.

However, the leadership changes and the ongoing merger discussions have raised questions about the Company's governance and operational execution. The former directors have indicated their intention to challenge the validity of the actions taken by the Majority Stockholders, which could lead to potential legal disputes. The Company has stated its commitment to defending the validity of the written consent and the actions taken therein.

Overall, while the leadership changes may be seen as a necessary step to address governance concerns, the surrounding controversies and potential legal challenges could have a noticeable negative impact on the Company's stock price and investor confidence.

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