Wave Entertainment Public Company Limited

Wave Exponential Public Company Limited, or WAVE, has announced the allotment of 3,820,979,033 new ordinary shares to existing shareholders on a pro-rata basis, at a ratio of 3 existing ordinary shares to 1 new ordinary share, at an offering price of 0.04 baht per share, for a total value of not more than 152,839,161.32 baht. The record date for shareholders entitled to subscribe to the new shares is set for September 24, 2026, with the subscription and payment period running from October 14 to 20, 2026. Shareholders may subscribe for more than their entitlement if shares remain after the full allotment to existing shareholders who subscribed to their full entitlement. In addition, WAVE is allotting a further 1,910,489,517 new ordinary shares to accommodate the exercise of the fifth series of warrants to purchase ordinary shares, or WAVE-W5, which are given free of charge to existing shareholders who subscribe and pay for the new shares on a pro-rata basis, at a ratio of 2 new shares to 1 warrant unit. Each WAVE-W5 unit entitles the holder to purchase 1 ordinary share at an exercise price of 0.05 baht per share, with an exercise period of 3 years from the warrant issuance date. Meanwhile, WAVE's latest shareholder structure shows that several well-known major investors rank among the top 10 shareholders, and some hold the same stock in their investment portfolios, making it worth watching whether these major investor groups will exercise their rights to subscribe to WAVE's new shares this time. The top 10 shareholders are: Brooker Group Public Company Limited with 1,020,308,442 shares, or 8.90%; THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, SINGAPORE BRANCH with 818,532,855 shares, or 7.14%; Mrs. Jarunee Chinwongworakul with 684,638,775 shares, or 5.97%; Mr. Sura Kanitthaweekul with 588,223,400 shares, or 5.13%; QUAM SECURITIES LIMITED A/C CLIENT with 520,845,267 shares, or 4.54%; Thanwarin Company Limited with 435,640,400 shares, or 3.80%; Miss Thanika Tangpoonphonwiwat with 373,454,055 shares, or 3.26%; Mr. Thananon Triamchanchai with 370,000,000 shares, or 3.23%; Mr. Noppadol Khemayothin with 296,000,000 shares, or 2.58%; and Mr. Anek Wongphaithoonpiya with 280,613,400 shares, or 2.45%.

Major investor Sura Kanitthaweekul has reduced his stake in Wave Exponential Public Company Limited (WAVE) to 588,223,400 shares, representing 5.13%, as of August 14, 2026, the lowest level in five years. Previously, on April 1, 2026, he held 629,527,200 shares, or 5.49%, and on September 29, 2025, he held 710,000,000 shares, or 6.2%. This reduction occurred despite WAVE's share price rising 33% in August 2026. Meanwhile, the company plans a private placement of 5,994,569,605 new shares, allocated to existing shareholders at a ratio of 3 existing shares for 1 new share, with a subscription price of 0.04 baht per share. It will also issue free warrants WAVE-W5 at a ratio of 2 new shares per 1 warrant, with an exercise price of 0.05 baht per share and a 3-year term. This will be proposed at the extraordinary shareholders' meeting on September 17, 2026, and the shares will trade ex-warrant (XW) on September 24, 2026. The company reported a net loss of 11.06 million baht in Q2 2026, compared to a net profit of 391.29 million baht in the same period last year. It has also appointed Julapas Kruasophon as the new Chief Executive Officer to drive corporate restructuring through three main business groups.