Sorux recently issued a statement regarding the sharp decline in its stock price caused by forced liquidation sales.
On the 21st, Sorux announced on its website, "The execution of collateral rights (forced liquidation sales) by creditors due to the major shareholder's collateral loan was the main cause of the stock price drop," adding, "This is a supply and demand issue, not related to business or Aribio's clinical problems." Sorux is currently pursuing a merger with Aribio, a company developing Alzheimer's treatments.
The company stated, "The new drug development by Aribio requires a very long period of clinical trials and large-scale funding," and added, "Major shareholders and investors have been providing financial support to the company, and the CEO's collateral loan was an unavoidable decision made during the process of advancing clinical trials and the merger."
Sorux conveyed that it is continuing its business and management as planned, with employees doing their best to achieve meaningful results. Aribio is also smoothly progressing with its global Phase 3 clinical trials. The company intends to maximize future business opportunities, enhance corporate value, and strive for continuous growth.
They also explained that they are fully committed to the merger process with Aribio. They are communicating smoothly with relevant authorities and are diligently preparing the securities registration statement. They plan to communicate more transparently with shareholders regarding major business developments and management performance in the future.
Sorux expressed, "We sincerely thank our shareholders for their continued interest and support, and earnestly ask you to join us on the journey toward greater leaps," emphasizing, "The management and all employees will also work hard with renewed determination to meet the expectations of our shareholders."
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