Cellivery to Hold Regular General Meeting on 29th... "Pursuing Management Stability and External Investment Attraction"

Cellivery announced on the 25th that it will stabilize its management rights and accelerate efforts to normalize its business through this regular general shareholders' meeting.

The Cellivery regular general shareholders' meeting will be held on the 29th of this month in the morning in Yeongdeungpo-gu, Seoul. The main agenda items include approval of the financial statements, appointment of directors and auditors, and approval of the remuneration limit.

For the appointment of inside directors, candidates include Kim Hyung (Director of Cellivery Strategic Planning Office) and Shim Dongsik (Head of Cellivery Business Development Headquarters and CEO of Cellivery Living & Health). For outside directors, the company plans to appoint Lee Jeonghyun, CEO of IPL Labs, and Choi Yongsuk, professor at Dankook University College of Pharmacy. For auditor, former Seoul District Prosecutors' Office prosecutor Oh Jaehyun is planned to be appointed.

In the notice, Cellivery stated, "In 2023, through internal efforts to improve management efficiency and implementation of self-rescue plans, operating losses were significantly reduced compared to the previous fiscal year," and added, "It is an urgent situation to attract external investment to improve financial soundness and, furthermore, to pass the re-audit."

It continued, "With the current CEO at the center, plans for technology development and large-scale investment attraction are underway, making the role of the management more important than ever," and added, "We ask shareholders to support the efforts of the company's executives and employees for the normalization of transactions by exercising their voting rights until the day before the regular general shareholders' meeting."

The company will secure management rights through this regular general shareholders' meeting and take steps to resume trading. After satisfying the top priority condition of external investors who have expressed investment intentions?stabilization of management rights?the company plans to apply to the Korea Exchange for an extension of the improvement period. If the extension application is accepted and external investment funds are subsequently attracted, a re-audit will be conducted, and finally, trading will be resumed.

Meanwhile, Cellivery plans to pay only minimal remuneration to newly appointed directors and auditors at the regular general shareholders' meeting. In particular, existing management such as CEO Cho Daewoong and outside director Baek Yunggi will not receive remuneration until the end of their terms. The company explained that this is a self-rescue measure to improve management efficiency and secure financial soundness, and that it will continuously strive for the swift resumption of trading.