Continued management crisis: delisting, rehabilitation termination, failure to prepare financial statements

Delisting decision (2025.11.28) led to commencement of liquidation trading, but trading suspension due to injunction application (2025.12.01)
Filed for rehabilitation (2024.10) → court approval (2024.11) → termination of rehabilitation (2025.08)
Gimpo factory auctioned (2024.12), but lease agreement signed (2025.01) to continue operations
Failed to prepare Q1 2026 financial statements (lack of personnel); will file amendments later
Multiple lawsuits: 15 cases as defendant, 1 as plaintiff; total claim amount approx. KRW 8.3 billion (including KRW 4.8 billion for debt non-existence confirmation)
Sanctions from Korea Exchange: designated as unfaithful disclosure entity, fine of KRW 54 million, multiple designations as managed stock
Net debt: -KRW 150 million (cash exceeds borrowings), total equity KRW 4.68 billion, total debt-to-equity ratio -3.20%
No dividends or treasury shares
R&D expenditure 11.03% of sales, 3 patents, 7 trademarks
Key customers: Dohme International (25.67%), BioMedical (15.69%), Humble Bumble (13.61%), etc.