Aprogen Faces Shareholder Value Concerns Due to Persistent Losses and Governance Deficiencies
Consolidated revenue of 117.97B KRW, operating loss of 95.57B KRW, net loss of 140.57B KRW, indicating continued losses.
Multiple governance core indicators not met, including 4-week AGM notice, electronic voting, dividend policy, CEO succession plan.
Capital reduction executed in April 2026 to cover deficits (shares reduced from 329,305,030 to 21,953,668).
Outstanding convertible bonds of three series totaling 135B KRW, plus additional 22B KRW CB issued in May 2026.
No dividends paid and no shareholder return policy in place.
[AI Summary]Aprogen faces significant shareholder value risk due to persistent operating losses and governance deficiencies, with further dilution concerns from additional CB issuance.