CBI Investor Kineta Nears Nasdaq Listing... Scheduled for Listing on the 19th

[Asia Economy Reporter Jang Hyowon] CBI announced on the 8th that Kineta, a US new drug development company it invested in, will begin trading on Nasdaq under the ticker 'KA' on the 19th after completing a reverse merger with Yumanity Therapeutics (hereinafter Yumanity). Kineta's reverse merger will be effective on the 16th following approval at Yumanity's shareholders' meeting on the 13th.

CBI became the second largest shareholder of Kineta last year through equity investment and participated in management, while playing a key bridging role in the merger between Kineta and Yumanity. After signing the merger agreement with Yumanity in June, Kineta completed the submission of merger documents (Form S-4) to the US Securities and Exchange Commission (SEC), and the merged company Yumanity set a condition to participate in a $7.5 million paid-in capital increase.

Subsequently, to fulfill the agreement with Yumanity, CBI's subsidiary CBI USA invested $1 million, Daehan Green Power invested $1 million, and Kineta's CEO along with the US investment fund RLB Holdings agreed to participate in the paid-in capital increase. Through this capital increase, CBI USA will newly acquire 606,060 shares.

A company official stated, "Through this capital increase, we will become a major shareholder of Yumanity," adding, "As a strategic partner holding significant shares, we expect to play a more active role."

CBI CEO Oh Kyungwon said, "Kineta's listing is a very symbolic and visible achievement, occurring about a year after CBI invested in an overseas bio company," and added, "The integration of human and material resources of the two companies is expected to create business synergy and strengthen competitiveness."

He continued, "Our participation in Yumanity's capital increase is not just a simple investment but an active effort as a major shareholder to accelerate the development and expansion of the pipelines held by Kineta and Yumanity and to maximize shareholder value."

Meanwhile, on the 5th, Yumanity announced the payment of a special dividend ranging from $1.34 to $1.43 per share, conditional upon the confirmation of the shareholders' meeting agenda, asset sale (licensing out) to Janssen, and completion of the merger with Kineta. On the day of the announcement, Yumanity's stock price rose by as much as 27%, attracting significant attention.