[Market Focus] The Biomed Rises on News of Largest Shareholder Change

As of 9:30 a.m. on July 14, The Biomed (formerly Mikobiomed) was trading at 6,470 won on the KOSDAQ market, up 9.66% from the previous day's closing price. The stock has been strong for two consecutive trading days following news of a change in the largest shareholder.

The Biomed, whose core business is the development of molecular diagnostic equipment and kits, was established in 2009 as Nanobiosys. It changed its name to Mikonanobiosys in October 2017, to Mikobiomed in March 2018, and to its current name in March this year. In December last year, the company acquired Cheonggyo, which operates in the fields of private education, admissions consulting, publishing, and online education services.

On July 11, before the market opened, The Biomed announced a third-party paid-in capital increase allocated to JB Asset Management, as well as the issuance of convertible bonds (CB) to Espace Investech. Both companies are known to be owned by the three companies of Egroup (formerly Ewha Group)?Ewha Electric, EID, and Etron?which are currently undergoing delisting procedures. After the capital increase is completed next month, JB Asset Management will become the largest shareholder.