HLB Begins KOSPI Transfer in Earnest... Korea Investment & Securities Selected as Lead Manager

HLB announced on the 20th that it has selected Korea Investment & Securities as the lead underwriter for its transfer listing to the KOSPI.

HLB logo. [Photo by HLB]

HLB explained that shareholders and investors have long demanded the transfer to KOSPI, and recently, due to indiscriminate short-selling attacks, the company has been considering the transfer listing.

HLB has completed the global Phase 3 clinical trial of its anticancer drug 'Rivoceranib' and is currently undergoing the final review by the U.S. Food and Drug Administration (FDA) to be approved as the first-line treatment for liver cancer, becoming the first domestic company to do so. However, HLB explained that following this news, short-selling intensified, causing the stock price to decline. The short-selling balance, which was around 4.2 million shares at the time, now exceeds 8 million shares.

In response, investors, centered around the HLB Shareholders' Solidarity, have demanded that the company prepare countermeasures against manipulative short-selling while urging the company to expedite the transfer listing.

Baek Yoon-gi, CEO of HLB, stated, "As part of enhancing shareholder value, we signed a contract today with Korea Investment & Securities to appoint them as the lead underwriter for the transfer listing to KOSPI," adding, "We are currently reviewing various methods for the transfer listing to KOSPI."

This content was produced with the assistance of AI translation services.