Orient Bio Approves 2-to-1 Stock Consolidation... "Enhancing Corporate Value"
Orient Bio has approved a proposal to consolidate two common shares into one, aiming to stabilize its stock price and enhance corporate value.
On May 8, Orient Bio announced that the proposal to merge every two common shares into one was approved at its extraordinary general meeting of shareholders. The meeting was held the previous day at the company’s headquarters in Seongnam, Gyeonggi Province.
As a result of this stock consolidation, the par value per share will change from 500 won to 1,000 won. The total number of issued shares will decrease from 118,583,005 to 59,291,502 shares. Trading of the shares will be suspended from May 20 to June 8.
The company explained that the stock consolidation was decided to stabilize the stock price and enhance corporate value by resolving supply-demand imbalances and maintaining an appropriate number of shares in circulation.
Orient Bio produces International Genetic Standard (IGS) laboratory animal biological materials that comply with the standards of the U.S. Food and Drug Administration (FDA) and the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH). Based on its technology partnership with Charles River in the United States, the company manufactures high-quality biological materials at cutting-edge domestic facilities and supplies them to major pharmaceutical companies and research institutes in Korea. It is also developing the next-generation hair loss treatment candidate, OND-1. Whereas existing hair loss treatments focus on suppressing hair loss progression, OND-1 is characterized by its goal of restoring hair follicle function.
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A representative from Orient Bio stated, "Through the stock consolidation, we plan to optimize the number of shares in circulation, protect shareholder rights, and maximize corporate value. As a leading bio-infrastructure company in Korea, we will continue to strengthen our core business competitiveness and devote our best efforts to new drug development."
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