New Risk • May 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 46% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue has declined by 42% over the past year. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩82.8b market cap, or US$55.1m). Aankondiging • Apr 03
B2En Co., Ltd. announced that it has received KRW 7.499999966 billion in funding from Strategic No. 1 Association On April1, 2026, B2En Co., Ltd. has closed the transaction. Aankondiging • Mar 30
B2En Co., Ltd. announced that it has received KRW 15 billion in funding from Doublemedia Inc On March 30, 2026, B2En Co., Ltd. has closed the transaction. Aankondiging • Mar 13
B2En Co., Ltd., Annual General Meeting, Mar 27, 2026 B2En Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 146, seonyu-ro, yeongdeungpo-gu, seoul South Korea New Risk • Mar 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue has declined by 39% over the past year. Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (₩48.0b market cap, or US$32.6m). Aankondiging • Oct 21
B2En Co., Ltd. announced that it expects to receive KRW 6.999999776 billion in funding B2En Co., Ltd. announced a private placement to issue 5,392,912 shares at an issue price of KRW 1,298 per share for gross proceeds of KRW 6,999,999,776 on October 20, 2025. The transaction will include participation from new investor Stregi No. 1 Fund. The transaction has been approved by shareholders, expected to close on November 26, 2025 and restricted to a hold period. New Risk • Sep 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue has declined by 35% over the past year. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩74.7b market cap, or US$54.1m). Aankondiging • Aug 28
B2En Co., Ltd. announced that it has received KRW 4.7999999 billion in funding from DMOA Co., Ltd On August 27, 2025, B2En Co., Ltd. closed the transaction. The company issued 5,640,423 registered common shares at an issue price of KRW 851 for gross proceeds of KRW 4,799,999,973. The transaction includes participation from new investor, DMOA Co., Ltd New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue has declined by 26% over the past year. Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩66.2b market cap, or US$47.5m). Aankondiging • Jul 31
B2En Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 599.999898 million. B2En Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 599.999898 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 367,197
Price\Range: KRW 1634
Transaction Features: Subsequent Direct Listing Reported Earnings • Jun 05
First quarter 2025 earnings released: ₩72.00 loss per share (vs ₩66.00 loss in 1Q 2024) First quarter 2025 results: ₩72.00 loss per share (further deteriorated from ₩66.00 loss in 1Q 2024). Revenue: ₩3.91b (down 41% from 1Q 2024). Net loss: ₩2.87b (loss widened 34% from 1Q 2024). New Risk • Apr 23
New major risk - Revenue and earnings growth Revenue has declined by 22% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue has declined by 22% over the past year. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩50.0b market cap, or US$35.1m). Aankondiging • Mar 12
B2En Co., Ltd., Annual General Meeting, Mar 25, 2025 B2En Co., Ltd., Annual General Meeting, Mar 25, 2025, at 09:00 Tokyo Standard Time. Location: seminar room, 52, seobinggo-ro 51-gil, yongsan-gu, seoul South Korea New Risk • Mar 01
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩47.2b market cap, or US$32.4m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (₩41.8b market cap, or US$28.7m). Aankondiging • Jan 14
B2En Co., Ltd. announced that it expects to receive KRW 5.499999384 billion in funding from Mare.Li 1 B2En Co., Ltd. announced a private placement to issue 6,462,984 shares at an issue price of KRW 851 per share for the gross proceeds of KRW 5,499,999,384 on January 13, 2025. The transaction will include participation from new investor Mare.Li 1. The transaction has been approved by shareholders, restricted to a hold period, expected to close on February 28, 2025. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Shareholders have been diluted in the past year (34% increase in shares outstanding). Market cap is less than US$100m (₩45.3b market cap, or US$31.5m). New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (34% increase in shares outstanding). Market cap is less than US$100m (₩73.3b market cap, or US$55.6m). New Risk • Apr 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Market cap is less than US$100m (₩57.7b market cap, or US$42.1m). Aankondiging • Feb 28
B2En Co., Ltd. announced that it expects to receive KRW 11.000000604 billion in funding B2En Co., Ltd. announced a private placement of 7,730,148 common shares at the price of KRW 1,423 per share for gross proceeds of KRW 11,000,000,604 on February 27 2024. The transaction has been approved by board of directors of the company. The payment date for the transaction is April 11, 2024. Aankondiging • Jan 17
B2En Co., Ltd. announced that it has received KRW 2 billion in funding from NH Investment & Securities Co., Ltd., Mirae Asset Securities Co., Ltd., Korea Investment & Securities Co., Ltd. On January 17, 2024, B2En Co., Ltd. closed the transaction. Aankondiging • Jan 16
B2En Co., Ltd. announced that it expects to receive KRW 2 billion in funding from NH Investment & Securities Co., Ltd., Mirae Asset Securities Co., Ltd., Korea Investment & Securities Co., Ltd. B2En Co., Ltd. announced a private placement to issue Series 5 Bearer Interest Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 2,000,000,000 on January 15, 2024. The transaction will include participation from new investors NH Investment & Securities Co., Ltd. (Walnut KOSDAQ Venture General Private Equity Trust No. 1) for KRW 500,000,000, Mirae Asset Securities Co., Ltd. (in the position of trustee of D-Block KOSDAQ Venture General Private Equity Trust No. 1) for KRW 500,000,000, Korea Investment & Securities Co., Ltd. (in the position of trustee of TM KOSDAQ Venture General Private Securities Investment Trust No. 1) for KRW 500,000,000 and Korea Investment & Securities Co., Ltd. (in the position of trustee of Summit KOSDAQ Venture General Private Equity Trust No. 1) for KRW 500,000,000. The transaction has been approved by the shareholders of the company and is expected to close on January 17, 2024. The bonds are 100% convertible into 952,380 shares at a fixed conversion price of KRW 2,100 from January 17, 2025 to December 17, 2026. The bonds bear 0% coupon rate and 3% maturity rate and matures on January 17, 2027 and is restricted to a hold period of 1 year. Aankondiging • Jan 11
B2En Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 349.997094 million. B2En Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 349.997094 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 184,306
Price\Range: KRW 1899
Transaction Features: Subsequent Direct Listing Aankondiging • Oct 05
B2En Co., Ltd. (KOSDAQ:A307870) announces an Equity Buyback for KRW 1,100 million worth of its shares. B2En Co., Ltd. (KOSDAQ:A307870) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,100 million worth of its shares, pursuant to the contract with NH Investment & Securities Co., Ltd. The program is aimed at stock price stability and shareholder value enhancement. The program will expire on April 4, 2024. As of October 3, 2023, the company had 713,193 shares within scope available for dividend and had 0 shares in treasury through other acquisitions. New Risk • Jul 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 42% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (6.6% increase in shares outstanding). Market cap is less than US$100m (₩113.9b market cap, or US$89.1m). New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 42% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₩81.5b market cap, or US$62.8m). 
