Trading Suspension and Delisting Risk Due to Auditor's Disclaimer of Opinion (Grace Period Granted)
Trading suspension and delisting risk: Auditor issued a disclaimer of opinion on 2025 financial statements due to scope limitation; trading halted on April 7, 2026; granted grace period until April 10, 2027.
Deteriorating financial structure: Debt ratio 95.57% (year-end 2025: 55.92%), consolidated accumulated deficit KRW 81.4 billion, Q1 2026 net loss KRW 0.74 billion (improved from KRW 2.16 billion loss in prior year quarter).
Litigation risks: Two bankruptcy filings received related to non-payment of convertible bond principal and interest; two damage claims (KRW 1.94 billion) pending.
Convertible bond issuance and debt increase: Issued 6th CB worth KRW 5.01 billion at conversion price of KRW 779, increasing debt burden.