Continued Delisting Risk and Early Redemption of 18.4 Billion Won Convertible Bonds

Delisting risk: trading suspended due to denied audit opinion and false disclosure, delisting procedure stayed by court injunction, two lawsuits pending (approx. 1.936 billion won)
Early redemption of 4th convertible bonds on March 10, 2026 (face value 18.42 billion won, book value 17.64 billion), eliminating convertible bonds and derivative liabilities
Consolidated Q1 2026 revenue 5.39 billion won (down 13% from 6.20 billion in Q1 2025), operating profit 157 million won (down 90% from 1.51 billion), net profit 1.312 billion won driven by gain on disposal of tangible assets (878 million)
Consolidated retained earnings deficit of -38.06 billion won as of end-Q1 2026, deepening capital erosion
Major shareholder RFsemi Industries (28.43%) fully impaired LFP battery distribution rights (13 billion won) and prepayment (2.5 billion won); investment in associate Medib (40.2% stake) carried at zero