New Risk • Aug 23
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: -₩13b 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩13b free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩23.1b market cap, or US$16.7m). New Risk • Jul 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% 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 (26% average weekly change). Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩20.1b market cap, or US$13.7m). Announcement • Jun 23
Vivien Corporation announced that it expects to receive KRW 24.99999612 billion in funding CXI Healthcare Technology Group Limited has announced to issue 4,288,164 common shares at an issue price of KRW 5,830 for gross proceeds of KRW 24,99,99,96,120 on June 22, 2026. The transaction includes participation from new investor, Gold 300 Fund. The transaction has been approved by the board of directors of the company. The payment date of the transaction is July 31, 2026. The transaction will happen through third party allocation. The securities are subject to one year lock up. New Risk • Jun 23
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 14% 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 Market cap is less than US$10m (₩12.7b market cap, or US$8.29m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • May 29
Vivien Corporation announced that it has received KRW 1.2 billion in funding from B2En Co., Ltd. On May 28, 2026, Vivien Corporation closed the transaction. Announcement • May 22
Vivien Corporation announced that it expects to receive KRW 1.2 billion in funding from B2En Co., Ltd. Vivien Corporation has announced a private placement of Series 6 Vivien Corporation’s 5th Unregistered Interest Unsecured Private Convertible Bonds of the company to raise gross proceeds of KRW 1,200,000,000 on May 20, 2026. The transaction includes participation from new investor B2En Co., Ltd. The Bonds are 100% convertible into118,870 common shares of the company at a conversion price value of KRW 10,095 and carry interest rate of 3% and maturity interest rate of 7%. The conversion billing period starts from May 28, 2027 to April 28, 2029.The transaction has been approved by the board of directors of the company. The Bonds have a maturity date of May 28, 2029. The transaction is expected to close on May 28, 2026.The transaction is subject to 1 year hold period. New Risk • May 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.3b (US$9.53m) 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 (45% increase in shares outstanding). Market cap is less than US$10m (₩14.3b market cap, or US$9.53m). Board Change • May 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Non-Executive Independent Director Karen McClellan was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 17
Vivien Corporation, Annual General Meeting, Mar 31, 2026 Vivien Corporation, Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 390, toegye-ro, jung-gu, seoul South Korea Announcement • Jan 22
Vivien Corporation announced that it expects to receive KRW 15 billion in funding Vivien Corporation announced a private placement of series 5 unregistered interest unsecured private convertible bonds for a gross proceeds of KRW 15,000,000,000 on January 21, 2026. The transaction will include participation from new investor Ininnext Co., Ltd. The bonds have a coupon rate of 7% and yield to maturity of 10%. The bonds will mature on January 29, 2029. The bonds will be 100% converted into 25,906,735 common shares at a fixed conversion price of KRW 579 per share for an equity stake of 57.3%. The conversion period is from January 29, 2027 to December 29, 2028. The payment date of the transaction is January 29, 2026. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company. Announcement • Dec 19
Vivien Corporation announced that it has received KRW 10 billion in funding On December 17, 2025, the company has closed the transaction. Announcement • Dec 11
Vivien Corporation announced that it expects to receive KRW 10 billion in funding Vivien Corporation announced a private placement to issue 7% Series 4 Unregistered Interest Unsecured Private Convertible Bonds due December 17, 2028 for gross proceeds of KRW 10,000,000,000 on December 10, 2025. The transaction will include participation from new investor Prime Light Fund No. 1 The transaction has been approved by shareholders, expected to close on December 18, 2025, restricted to a hold period, 100% convertible into 15,313,935 shares at a fixed conversion price of KRW 653 from December 17, 2026 to November 17, 2028, bears 7% coupon rate, 3% maturity rate and matures on December 17, 2028. New Risk • Jun 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% 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 (17% average weekly change). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩36.3b market cap, or US$26.5m). Announcement • Jun 10
Vivien Corporation has completed a Follow-on Equity Offering in the amount of KRW 11.018611 billion. Vivien Corporation has completed a Follow-on Equity Offering in the amount of KRW 11.018611 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 14,072,300
Price\Range: KRW 783 Reported Earnings • May 20
First quarter 2025 earnings released: ₩53.55 loss per share (vs ₩51.00 loss in 1Q 2024) First quarter 2025 results: ₩53.55 loss per share (further deteriorated from ₩51.00 loss in 1Q 2024). Revenue: ₩57.2b (up 12% from 1Q 2024). Net loss: ₩1.61b (loss widened 5.0% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 27
Full year 2024 earnings released: ₩35.00 loss per share (vs ₩261 loss in FY 2023) Full year 2024 results: ₩35.00 loss per share (improved from ₩261 loss in FY 2023). Revenue: ₩235.2b (up 8.2% from FY 2023). Net loss: ₩1.04b (loss narrowed 87% from FY 2023). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Mar 18
Vivien Corporation, Annual General Meeting, Mar 31, 2025 Vivien Corporation, Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 390, toegye-ro, jung-gu, seoul South Korea Announcement • Feb 19
Vivien Corporation has completed a Follow-on Equity Offering in the amount of KRW 999.999824 million. Vivien Corporation has completed a Follow-on Equity Offering in the amount of KRW 999.999824 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,329,787
Price\Range: KRW 752 Announcement • Feb 11
Vivien Corporation has filed a Follow-on Equity Offering. Vivien Corporation has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,291,989 Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩908, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 69% over the past three years. New Risk • Dec 06
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 8.8% 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 Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩30.1b market cap, or US$21.2m). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩987, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 67% over the past three years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩175 (vs ₩5.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩175 (up from ₩5.00 in 3Q 2023). Revenue: ₩55.4b (up 9.9% from 3Q 2023). Net income: ₩5.23b (up ₩4.88b from 3Q 2023). Profit margin: 9.4% (up from 0.7% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 166% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩12.00 (vs ₩75.00 loss in 3Q 2022) Third quarter 2023 results: EPS: ₩12.00 (up from ₩75.00 loss in 3Q 2022). Revenue: ₩50.4b (flat on 3Q 2022). Net income: ₩347.9m (up ₩2.58b from 3Q 2022). Profit margin: 0.7% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Jul 24
New major 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 11% 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 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩42.2b market cap, or US$33.0m). New Risk • Jun 23
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: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩44.9b market cap, or US$34.3m). 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. 6 experienced directors. No highly experienced directors. No independent directors (6 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. 6 experienced directors. No highly experienced directors. No independent directors (6 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. Announcement • Apr 22
Vivien Corporation announced that it has received KRW 10 billion in funding from KANGLIM Co., Ltd On April 20, 2022, Vivien Corporation closed the transaction. The bond maturity date is April 20, 2025. The conversion period of the bond starts from April 20, 2023 and ends on March 20, 2025. Announcement • Mar 18
Vivien Corporation, Annual General Meeting, Mar 31, 2021 Vivien Corporation, Annual General Meeting, Mar 31, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 24
New 90-day low: ₩3,210 The company is down 8.0% from its price of ₩3,480 on 26 November 2020. The South Korean market is up 17% 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 • Oct 26
New 90-day low: ₩3,250 The company is down 39% from its price of ₩5,300 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 14% over the same period. Is New 90 Day High Low • Oct 07
New 90-day low: ₩3,705 The company is down 29% from its price of ₩5,200 on 09 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 4.0% over the same period. Announcement • Sep 23
Vivien Corporation has completed a Follow-on Equity Offering in the amount of KRW 42.965 billion. Vivien Corporation has completed a Follow-on Equity Offering in the amount of KRW 42.965 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 13,000,000
Price\Range: KRW 3305
Discount Per Security: KRW 46.27
Transaction Features: Rights Offering