Sorux Faces Prolonged Merger with AriBio... Schedule and Completion Uncertain

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Sorux is facing difficulties in its merger with AriBio. The merger schedule and the likelihood of completion have become uncertain as the company has received repeated requests for revisions from the Financial Supervisory Service.

On July 21, a Sorux representative stated, "It is true that there are concerns about a prolonged process regarding the merger schedule and the possibility of completion."

Recently, Sorux received its seventh request for revision from the Financial Supervisory Service regarding the securities registration statement for the merger with AriBio. The Financial Supervisory Service indicated that the submitted statement contains issues that could hinder rational investment decisions by investors or cause significant misunderstandings, and therefore needs to be supplemented. Sorux must submit a revised registration statement within three months.

The company explained, "As the financial authorities have increased their requirements related to the merger, the response process is taking more time than initially expected."

AriBio and Sorux decided to merge in August last year and have been proceeding with the process, but repeated requests for supplementation during the review process have effectively disrupted the schedule. Since August last year, Sorux has been asked to submit a revised registration statement a total of seven times.

A Sorux representative said, "We are responding diligently to the demands of the financial authorities, but the schedule is being delayed more than originally anticipated," adding, "Since there are still considerable variables remaining before the merger can be realized, we will continue to respond with caution."

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