The place is Cellivery CEO Cho Dae-woong, who knelt earlier than shareholders a 12 months in the past?[화제의 바이오人]

[이데일리 김새미 기자] The corporate’s ‘first particular progress document’ in Korea Cellivery (268600)we obtained an inventory choice because of the Company Overview Committee on the third. The liquidation sale course of was nearly initiated for 7 days from the fifth, however the itemizing course of was barely suspended when Cellivery utilized for an interim injunction to droop the impact of the choice till Seoul South District Court docket on the 4th.

Cho Dae-woong, the CEO of Cellivery, is on his knees and apologizes on the common assembly of shareholders on March 31 final 12 months. (Photograph = Reader Contribution)

Within the bio-industry, there are estimates that Cellivery CEO Cho Dae-woong, who mentioned till a 12 months in the past that he would kneel earlier than shareholders and attempt to begin buying and selling once more, thoughts this 12 months. Beforehand, CEO Cho induced a stir inside and outdoors the {industry} by kneeling at a daily shareholder assembly final March, saying, “I’ll threat my life to to normalize the corporate. ” At the moment, CEO Cho requested to be reinstated as CEO and promised to enhance the monetary construction to normalize the corporate. As well as, he mentioned he would proceed with △ a donation of all of CEO Cho’s belongings, △ the sale of subsidiaries and all tangible and intangible belongings, and △ streamlined expertise switch (L/O) contracts. .

Nevertheless, inside a 12 months, Cellivery’s monetary scenario worsened. The overall capital, which was round 10.5 billion received on the finish of 2022, reached a state of complete capital erosion, reaching -26.2 billion received on the finish of 2023. In the identical interval, money equivalents decreased 1/ 10 from 14.6 billion received to 1.5 billion received. As well as, within the first quarter of this 12 months, 0 profitable gross sales had been recorded based mostly on particular person monetary statements, and extra causes arose for a considerable overview of itemizing eligibility based on itemizing guidelines. KOSDAQ market (Article 56, Paragraph 1, Merchandise 3, Merchandise D).

What’s extra obvious is that CEO Cho’s angle in the direction of shareholders has clearly modified this 12 months. At a shock shareholders’ assembly final March, CEO Cho appeared after hiding for about 4 hours and voted down all of the agendas, and on the common shareholders’ assembly a it was held in the identical month, he appeared after 9 hours and solely handed some agenda objects in 10. minutes earlier than rapidly leaving. That is an evaluation that contradicts the best way he apologized to shareholders eventually 12 months’s basic shareholders assembly, even utilizing severe language.

Moreover, because of an investigation by the alternate, it was revealed that Cellivery made little effort to renew buying and selling throughout the one-year growth interval supplied by the alternate. Basically, when the event interval granted to listed corporations expires, they submit an implementation plan, enhance the inspection report that obtained a rejected opinion, and conduct a overview to specific the need for enchancment, however Sellivery didn’t even make such efforts.

Some shareholders suspect that Cellivery CEO Cho Dae-woong intentionally didn’t correctly submit audit proof to the accounting agency with the intention of eradicating the corporate. Sellyvery obtained an audit opinion of ‘disclaimer’ on the monetary statements for 2022 and 2023. This audit opinion was issued as a result of it was not attainable to acquire adequate and acceptable audit proof for the monetary statements for each fiscal 12 months.

One shareholder mentioned, “I’ve heard that corporations that attempt to listing the corporate on objective do not present audit information,” and added, “As a result of the rationale It is a formality to listing them, they get a direct decision to listing them.” He mentioned, “Some locations appear to make this alternative as a result of they’ll escape​​​​ publication if listed.

Since this can be a case the place a proper motive for deregistration has occurred, the alternate solely gives one growth interval. Even after the top of the event interval, if the choice is made to shut the contract, no grievance will be raised. If an organization applies for a brief injunction to the court docket, the liquidation and liquidation sale course of shall be suspended till the court docket decides. Nevertheless, an software for a preliminary injunction isn’t granted by the court docket. Because of this, it’s held that there’s a excessive probability that the deregistration process shall be began once more.

In the meantime, CEO Cho reportedly engaged in a disagreement with shareholders over the telephone and textual content messages. It’s mentioned that when some minority shareholders known as and texted CEO Cho to complain concerning the information of the choice being filed, CEO Cho not solely responded by saying, “Aren’t you the one making an attempt to make a fast fortune?” . A biologics {industry} official mentioned, “I do not assume he is a traditional particular person,” and complained, “The belief in Okay-Bio has fallen an excessive amount of due to Cellivery.” One other bio-industry official mentioned, “CEO Cho could not have all of a sudden modified, however he could have knelt down a 12 months in the past to purchase time,” and added, “Perhaps that there have been issues to type out within the meantime.”

In the meantime, in September of final 12 months, Cellive Shareholders Solidarity filed a grievance with the Seoul Western District Prosecutor’s Workplace on expenses of violating the Capital Markets Act (unfair buying and selling, use of essential info that was not revealed), a breach of the Telecommunications Framework Act. , and breach of belief underneath the Act on Enhanced Punishment for Particular Financial Offenses I’m in a state of bother. Due to this, CEO Cho is reportedly banned from leaving the nation. The Cellive Shareholders Coalition plans to assemble on the Seoul Western District Prosecutors Workplace on the tenth to name for a joint investigation.

◇ Biography of Daewoong Cho, CEO of Cellivery

△He was born on February 25, 1968

△ Bachelor’s diploma in Biochemistry, Hanyang College, 1986-1990

△ Grasp of Biochemistry, Hanyang College Graduate Faculty, 1990-1992

△1991~1997 Senior Researcher, Key Analysis Institute, Yuhan Company

△Ph.D., Vanderbilt College Graduate Faculty, United States, 1997-2002

△CEO of Procell Prescription drugs from 2005 to 2011

△2006~2010 Assistant Professor, Division of Biomedical Sciences, Connaught Nationwide College School of Medication

△2011 ~ 2014 Sunday College, Vanderbilt College, USA

△March 2014 – Present CEO of Cellivery

△ November 2021 to current CEO of Cellivery Dwelling & Well being