Wemade's schedule for a change in its largest shareholder has been postponed by two months to Dec. 30 from Oct. 30 as the closing conditions have not been met on time.

Wemade said on Tuesday it revised its regulatory filing on a share purchase agreement involving a change of largest shareholder, as delays in satisfying closing conditions led it to change the final payment date and the expected date for the change of largest shareholder.

Chairman Park agreed on June 30 to sell 13,350,738 Wemade shares, a 39.33 percent stake, to Neopulse for 920 billion won. On the signing date, 92 billion won, or 10 percent of the total, was paid as a deposit. The remaining 828 billion won was to be paid at closing.

Once the deal is completed, Neopulse will secure 13,663,791 Wemade shares, including its existing stake, for a 40.25 percent holding and become the largest shareholder. Chairman Park's stake will fall to 0 percent.

The schedule change is due to delays in meeting closing conditions under the share purchase agreement. The contract is set to take effect once all specified conditions, including approval of a corporate combination filing, are met or waived. The company did not disclose which specific condition was delayed.

Wemade and Neopulse previously said in a joint statement in September that an investor consortium including Neopulse and Kingnet was pursuing the acquisition of Wemade. At the time, they planned to complete closing procedures, including the final payment and regulatory approvals, by Oct. 30.

Wemade said the final payment date and the closing date could be changed again depending on whether and when the closing conditions are met. It plans to issue a revised disclosure if key details such as the schedule change.

Wemade said it revised its filing because delays in meeting closing conditions under the contract between the current largest shareholder and the buyer postponed the expected date for the final payment and the change of largest shareholder. It said it would provide an update through disclosures if the schedule changes again depending on progress.