Alteogen, the top company by market capitalization on the KOSDAQ, has decided to temporarily postpone its listing on the KOSPI. The company believes that remaining on the KOSDAQ aligns better with its corporate value and shareholder interests, and it will also implement a 30% stock dividend as part of its shareholder return policy.
On July 16, Alteogen announced its decision to stay on the KOSDAQ instead of proceeding with the KOSPI listing.
The company had received approval for a conditional delisting from KOSDAQ and a transition to KOSPI at a special shareholders' meeting in December. However, it explained that the decision was made after considering changes in the capital market environment, the government's policies to revitalize KOSDAQ, and the company's growth strategy.
Alteogen stated, "At this point, we believe that remaining on the KOSDAQ is more conducive to enhancing corporate value and maximizing shareholder benefits." According to the company, the expected weight of its inclusion in the KOSPI 200 index has decreased by 69% to approximately 0.3% compared to the board resolution last year, and a transition to KOSPI is projected to result in a net outflow of about 360 billion won.
However, the company has not completely abandoned its plans for a KOSPI listing and intends to pursue it again at an appropriate time in the future.
On the same day, Alteogen announced a 30% stock dividend to enhance shareholder returns, allocating 0.3 new shares for each common and preferred share.
CEO Jeon Tae-yeon stated, "After comprehensively reviewing the recent capital market environment and the government's policies to revitalize KOSDAQ, we have determined that continuing to grow as a leading innovative company on KOSDAQ is more aligned with enhancing shareholder value. We will continue to strive to maximize shareholder benefits through ongoing improvements in corporate value."
Meanwhile, the company is continuing its growth based on business achievements such as the expansion of the commercialization of the subcutaneous injection of Keytruda, progress in global licensing, and the development of subsequent pipelines. ALT-B4, a key substance in Alteogen's subcutaneous formulation change platform, received a patent registration decision from the European Patent Office last month.
* This article has been translated by AI.
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