New Risk • Jun 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩13.3b (US$8.50m) 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 (-₩2.9b free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Market cap is less than US$10m (₩13.3b market cap, or US$8.50m). New Risk • May 29
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: -₩2.9b 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 (-₩2.9b free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩20.5b market cap, or US$13.7m). Announcement • Mar 24
JK Synapse Co., Ltd. announced that it has received KRW 7.51 billion in funding On March 23, 2026, JK Synapse Co., Ltd. closed the transaction. Announcement • Mar 17
JK Synapse Co., Ltd., Annual General Meeting, Mar 31, 2026 JK Synapse Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 50, 2gongdan 7-gil, seobuk-gu, chungcheongnam-do, cheonan South Korea New Risk • Feb 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩3.35b (US$2.32m) 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 (20% average weekly change). Earnings have declined by 50% per year over the past 5 years. Shareholders have been substantially diluted in the past year (96% increase in shares outstanding). Market cap is less than US$10m (₩3.35b market cap, or US$2.32m). Announcement • Jan 27
JK Synapse Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.999972 million. JK Synapse Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.999972 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 524,109
Price\Range: KRW 1908 Announcement • Jan 21
JK Synapse Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 999.999324 million. JK Synapse Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 999.999324 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 525,762
Price\Range: KRW 1902 New Risk • Sep 12
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 9.1% 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 Less than 1 year of cash runway based on free cash flow trend (-₩11b free cash flow). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (₩24.9b market cap, or US$17.9m). 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: -₩11b 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 (-₩11b free cash flow). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩31.1b market cap, or US$22.3m). 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 Risk Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩11b). Less than 3 years of financial data is available. Market cap is less than US$100m (₩31.1b market cap, or US$22.4m). New Risk • Aug 29
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: -₩11b 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 (-₩11b free cash flow). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩32.1b market cap, or US$23.1m). Announcement • Jul 03
Sonid Inc. (KOSDAQ:A060230) completed the acquisition of Selector Co., Ltd. from Team Planning Co., Ltd., Ambition Co., Ltd., Human Heals Company Inc, Jeong Ju Hyeon, Kim Seong Wook and Lee Chang-woo. Sonid Inc. (KOSDAQ:A060230) agreed to acquire Selector Co., Ltd. from Team Planning Co., Ltd., Ambition Co., Ltd., Human Heals Company Inc, Jeong Ju Hyeon, Kim Seong Wook and Lee Chang-woo for KRW 15 billion on February 11, 2025.
The expected completion of the transaction is March 5, 2025. The transaction is expected to close on May 30, 2025.
Sonid Inc. (KOSDAQ:A060230) completed the acquisition of Selector Co., Ltd. from Team Planning Co., Ltd., Ambition Co., Ltd., Human Heals Company Inc, Jeong Ju Hyeon, Kim Seong Wook and Lee Chang-woo on July 1, 2025. Announcement • Apr 09
Sonid Inc. announced that it has received KRW 1.01 billion in funding Sonid Inc. announced it has closed the transaction on April 8, 2025. Announcement • Mar 15
Sonid Inc., Annual General Meeting, Mar 31, 2025 Sonid Inc., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 50, 2gongdan 7-gil, seobuk-gu, chungcheongnam-do, cheonan South Korea Announcement • Mar 13
Sonid Inc. announced that it has received KRW 2.400000165 billion in funding from HL Robotics Co., Ltd. On March 12, 2025 Sonid Inc. has closed the transaction. Announcement • Mar 11
Sonid Inc. announced that it has received KRW 6.000000138 billion in funding On March 10, 2025. Sonid Inc. has closed the transaction. New Risk • Mar 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% 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 Earnings have declined by 65% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩27.7b market cap, or US$19.1m). Announcement • Nov 23
Sonid Inc. has completed a Follow-on Equity Offering in the amount of KRW 999.999123 million. Sonid Inc. has completed a Follow-on Equity Offering in the amount of KRW 999.999123 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 955,109
Price\Range: KRW 1047 Announcement • Oct 11
Social Tech Platform Joint Fund cancelled the acquisition of 2.5% stake in Sonid Inc. (KOSDAQ:A060230) from JY Mirae Technology Company Co., Ltd. Social Tech Platform Joint Fund agreed to acquire 2.5% stake in Sonid Inc. (KOSDAQ:A060230) from JY Mirae Technology Company Co., Ltd for KRW 5 billion on July 23, 2024. 2bytes Corp. agreed to acquire 2.5% stake in Sonid Inc. (KOSDAQ:A060230) from JY Mirae Technology Company Co., Ltd for KRW 5 billion on September 23, 2024. As part of consideration, KRW 5 billion is paid towards common equity of Sonid Inc.
Social Tech Platform Joint Fund cancelled the acquisition of 2.5% stake in Sonid Inc. (KOSDAQ:A060230) from JY Mirae Technology Company Co., Ltd on October 10, 2024. New Risk • Jun 04
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: -₩52b 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: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 72% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩52b). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₩67.7b market cap, or US$49.1m). New Risk • Feb 13
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 Risks Earnings have declined by 60% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩87.9b market cap, or US$66.2m). Announcement • Sep 15
Sonid Inc. announced that it has received KRW 10 billion in funding On September 13, 2023, Sonid Inc. closed the transaction. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩130.1b (US$99.6m) This is considered a minor 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 Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₩130.1b market cap, or US$99.6m). Announcement • Jul 06
Sonid Inc. announced that it has received KRW 3 billion in funding from Mirae Asset Securities Co., Ltd, investment arm Sonid Inc. announced a private placement to issue Series 26 Non-guaranteed unsecured privately placed convertible bond with bearer interest for the gross proceeds of KRW 3,000,000,000 on July 4, 2023. The transaction included participation from new investor Mirae Asset Securities Co., Ltd, investment arm. The bonds will bear interest rate of 1% per annum and will mature on July 4, 2026. The bonds are convertible into 601,202 shares at an fixed conversion price of KRW 4,990 per share. The bonds will start conversion from July 4, 2024 and will end on June 4, 2026. The transaction was approved by the board of directors of the company. The bonds are restricted to transfer for one year. Announcement • Feb 05
Yapex Inc. (KOSDAQ:A060230) agreed to acquire 85% stake in Foxdisplay Co., Ltd. from J&K Industry Co., Ltd. for KRW 17.9 billion. Yapex Inc. (KOSDAQ:A060230) agreed to acquire 85% stake in Foxdisplay Co., Ltd. from J&K Industry Co., Ltd. for KRW 17.9 billion on February 3, 2022. The consideration of KRW 1 billion is to be paid as down payment, KRW 6.9 billion is to be paid as interim payment and remaining KRW 10 billion is to be paid on February 28, 2022. For the year 2021, Foxdisplay reported total assets of KRW 27.1 billion, total debt of KRW 11.9 billion, total equity of KRW 15.1 billion and net loss of 769 million. The transaction is expected to close on February 28, 2022. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩1,310, the stock trades at a trailing P/E ratio of 65.4x. Average trailing P/E is 17x in the Chemicals industry in South Korea. Total loss to shareholders of 15% over the past three years. Announcement • Aug 20
exax Inc. (KOSDAQ:A060230) agreed to acquire an additional 7.32% stake in Immunomic Therapeutics, Inc. from Wise Alliance Co.,Ltd., Benoholdings, Inc. (KOSDAQ:A206400), Bellum 1 Fund and Ji-Man Park for KRW 12.4 billion. exax Inc. (KOSDAQ:A060230) agreed to acquire an additional 7.32% stake in Immunomic Therapeutics, Inc. from Wise Alliance Co.,Ltd., Benoholdings, Inc. (KOSDAQ:A206400), Bellum 1 Fund and Ji-Man Park for KRW 12.4 billion on August 18, 2021. Under the terms of the transaction, exax Inc. will acquire an additional 2 million shares. Immunomic Therapeutics, Inc. had total assets of KRW 64.4 billon, total equity of KRW 50.5 billion, sale of KRW 29 million and net loss of KRW 13 billion. The transaction was resolved by the Board of Directors of Immunomic Therapeutics, Inc. Shinhan Accounting Firm acted as the external external evaluation agency in the transaction. The transaction is expected to close on September 15, 2021. Is New 90 Day High Low • Jan 29
New 90-day low: ₩1,360 The company is down 11% from its price of ₩1,520 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 Chemicals industry, which is up 39% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: ₩1,440 The company is down 19% from its price of ₩1,775 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 01
New 90-day low: ₩1,510 The company is down 9.0% from its price of ₩1,665 on 02 September 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 Chemicals industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 25
New 90-day high: ₩1,855 The company is up 2.0% from its price of ₩1,810 on 26 June 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 24% over the same period. Announcement • Sep 23
Bellum Fund 1 and Central Dogma Fund 1 acquired 4.96% stake in exax Inc. (KOSDAQ : A060230) from Haesung Jeon for KRW 7.5 billion. Bellum Fund 1 and Central Dogma Fund 1 acquired 4.96% stake in exax Inc. (KOSDAQ : A060230) from Haesung Jeon for KRW 7.5 billion on September 9, 2020. Under the terms, 3.8 million shares were acquired at a price of KRW 2000 per share as a part of the transaction.
Bellum Fund 1 and Central Dogma Fund 1 completed the acquisition of 4.96% stake in exax Inc. (KOSDAQ : A060230) from Haesung Jeon on September 9, 2020. Announcement • Jul 17
Haesung Jeon along with an individual completed the acquisition of 9.68% stake in exax Inc. (KOSDAQ:A060230) from J&J Investment Co,. Ltd. Moat Private Equity signed a stock transfer agreement to acquire 13.8% stake in exax Inc. (KOSDAQ:A060230) from J&J Investment Co,. Ltd. for KRW 19.8 billion on April 2, 2020. Moat will acquire 9.9 million shares. Moat Private Equity signed a contract to acquire 11.55% stake in exax Inc. for KRW 17.3 billion on June, 5, 2020. Under the revised terms, Moat Private Equity will acquire 8.6 million share of exax Inc. Under revised terms, Haesung Jeon along with an individual entered into stock transfer agreement to acquire 9.68% stake in exax Inc. (KOSDAQ:A060230) from J&J Investment Co,. Ltd. for KRW 14.5 billion on July 9, 2020. The buyer will take over 7,250,000 shares. Consideration of KRW 2 billion will be paid on signing of contract, Interim payment of KRW 2.5 billion and balance of KRW 12.8 billion one day before the temporary shareholders' meeting. The down payment and the intermediate payment were made by Moat Private Equity, and the balance will be settled by Haesung Jeon. On June 5, 2020, an interim payment of KRW 2.5 million was made. As of June 11, 2020, balance of KRW 12.8 billion will be paid on July 9, 2020. As of July 9, 2020, balance of KRW 10 billion will be paid on July 14, 2020.
Haesung Jeon along with an individual completed the acquisition of 9.68% stake in exax Inc. (KOSDAQ:A060230) from J&J Investment Co,. Ltd. on July 14, 2020. All payments and stock transfers under this agreement have been completed.