ORIENTBIO Completes Capital Reduction Without Compensation, Resumes Stock Trading

[Financial News] ORIENTBIO completed its capital reduction without compensation and resumed stock trading on the 22nd.
ORIENTBIO decided in June to carry out a two-for-one capital reduction without compensation to improve the efficiency of its capital structure and reduce stock price volatility. As a result, the number of shares outstanding fell from 59,291,502 to 29,645,751.
The company said, "We expect the reduction in shares in circulation to help improve supply and demand conditions for the stock," adding, "The easing of stock price volatility and a reassessment of the company's value may vary depending on future market conditions and business performance."
ORIENTBIO is strengthening its growth foundation around its core biotech business. It recently established infrastructure at its Jeongeup facility to produce specific pathogen-free (SPF) laboratory rabbits. The company is also expanding its global contract research organization (CRO) business for nonclinical testing based on its exclusive rights to the Orientkam business, while pursuing the conversion of nonclinical data into assets using artificial intelligence (AI).
An ORIENTBIO representative said, "Using the resumption of trading as an opportunity, we will focus on sound management so that the growth of our core business can lead to an increase in corporate value," adding, "We will work to enhance market confidence and shareholder value by delivering research and development results and improving operating performance."
[email protected] Choi Doo-sun Reporter