New Risk • May 24
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 13% 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 Risks Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Market cap is less than US$10m (₩13.8b market cap, or US$9.06m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Board Change • May 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Outside Director Sung-kwon Cho was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Outside Director Sung-kwon Cho was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 13
GNCO Co., Ltd., Annual General Meeting, Mar 26, 2026 GNCO Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 10, chungmin-ro, songpa-gu, seoul South Korea New Risk • Mar 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.4b (US$9.72m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Market cap is less than US$10m (₩14.4b market cap, or US$9.72m). Announcement • Sep 11
GNCO Co., Ltd. announced that it has received KRW 10 billion in funding On September 10, 2025. GNCO Co., Ltd. announces that it has closed the transaction. New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. 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). Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩20.2b market cap, or US$14.6m). Announcement • Aug 29
GNCO Co., Ltd. announced that it expects to receive KRW 10 billion in funding GNCO Co., Ltd. announced a private placement to issue series 16 unregistered interest unsecured private convertible bonds for gross proceeds of KRW 10,000,000,000 on August 28, 2025. The transaction includes the participation from new investor, Synergy Turnaround No. 30 New Technology Business Investment Association. The bonds have coupon rate of 3% and yield to maturity of 9.5%. The bonds will mature on September 10, 2029. The bonds will be 100% converted into 11,695,906 common shares at a fixed conversion price of KRW 855 per share. The conversion period is from September 10, 2026 to August 10, 2029. The lowest conversion price adjustment according to the market decline will be of KRW 500. The payment date of the transaction is September 10, 2025. The transaction has been approved by the board of directors of the company. The transaction is subject to prohibition of exercise and splitting for one year by private placement.
On the same date, the company announced that, now the lowest conversion price adjustment according to the market decline will be of KRW 599. New Risk • Jul 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 123% 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 (15% average weekly change). Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩20.8b market cap, or US$15.1m). Announcement • Jul 17
GNCO Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 11.687 billion. GNCO Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 11.687 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 11,876,131
Price\Range: KRW 899
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,123,869
Price\Range: KRW 899
Transaction Features: Rights Offering New Risk • Jun 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩13.3b (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩15b free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Market cap is less than US$10m (₩13.3b market cap, or US$9.86m). Reported Earnings • May 20
First quarter 2025 earnings released: ₩29.00 loss per share (vs ₩21.00 loss in 1Q 2024) First quarter 2025 results: ₩29.00 loss per share (further deteriorated from ₩21.00 loss in 1Q 2024). Revenue: ₩25.0b (down 17% from 1Q 2024). Net loss: ₩3.31b (loss widened 42% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Board Change • May 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.5b (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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). Market cap is less than US$10m (₩14.5b market cap, or US$9.87m). Announcement • Mar 18
GNCO Co., Ltd., Annual General Meeting, Mar 31, 2025 GNCO Co., Ltd., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 10, chungmin-ro, songpa-gu, seoul South Korea New Risk • Mar 17
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 14% 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 Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩41b). Market cap is less than US$100m (₩18.6b market cap, or US$12.8m). New Risk • Dec 27
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 10% 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: Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩41b). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩32.4b market cap, or US$22.0m). New Risk • Nov 26
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -₩41b This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩41b). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩28.7b market cap, or US$20.5m). New Risk • Sep 17
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 Risk No financial data reported. Minor Risks Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩37.6b market cap, or US$28.5m). New Risk • Dec 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩58.0b market cap, or US$45.0m). New Risk • Sep 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩17b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₩17b free cash flow). Minor Risk Market cap is less than US$100m (₩37.6b market cap, or US$28.6m). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 20
Full year 2020 earnings released: ₩194 loss per share (vs ₩241 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ₩128.2b (down 18% from FY 2019). Net loss: ₩18.6b (loss narrowed 21% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 26
New 90-day low: ₩926 The company is down 18% from its price of ₩1,125 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 20% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: ₩981 The company is down 10.0% from its price of ₩1,095 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₩1,015 The company is down 15% from its price of ₩1,200 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day low: ₩1,065 The company is down 13% from its price of ₩1,230 on 16 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩1,130 The company is down 5.0% from its price of ₩1,190 on 25 June 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 1.0% over the same period. 