Olipass Files for Reorganization amid Complete Capital Erosion and Delisting Risk
Reorganization filing: On May 7, 2026, the board resolved to file for court receivership and asset preservation order with Suwon Bankruptcy Court.
Complete capital erosion: Current liabilities exceed current assets by KRW 14.47 billion; company is in a complete capital deficit.
Delisting risk: Subject to delisting review due to qualified audit opinion, capital erosion, and recurring losses; suspension temporarily stayed by court injunction.
Deteriorating financials: Q1 2026 operating loss of KRW 1.79 billion, net loss of KRW 1.92 billion; R&D expenses of KRW 526 million vs. revenue of KRW 91 million.
Heavy debt: Short-term borrowings of KRW 2.96 billion, convertible bonds of KRW 5.98 billion (KRW 5.5 billion current), plus various payables.
Collateral and seizures: Key assets (real estate, R&D assets) pledged or attached; patent rights under provisional seizure.