OrientBio Completes Capital Reduction Without Compensation...Trading Resumes
OrientBio, a bio infrastructure specialist, has resumed trading after completing a capital reduction without compensation.
On September 22, OrientBio announced that it had completed the procedures for a capital reduction without compensation. In June this year, the company decided to carry out a 2-to-1 capital reduction without compensation to reduce share price volatility and improve capital structure efficiency. As a result, the number of issued shares has decreased from 59,291,502 to 29,645,751.
OrientBio is strengthening its growth foundation by focusing on its core bio business. Recently, the company established an infrastructure for the production of Specific Pathogen Free (SPF) laboratory rabbits at its Jeongeup facility in North Jeolla Province. In addition, the company is actively working to secure future growth engines by strengthening its global non-clinical Contract Research Organization (CRO) business through exclusive business rights for OrientCam and by assetizing non-clinical data using artificial intelligence (AI).
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A representative from OrientBio stated, "With the resumption of trading, we will focus on sound management to ensure that the growth of our core business leads to an increase in corporate value," adding, "We will do our best to enhance market trust and increase shareholder value through the achievement of research and development (R&D) results and improvements in business performance."
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