Board Change • May 15
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. 6 experienced directors. No highly experienced directors. 1 independent director (5 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: Minority of independent directors. Insufficient board refreshment. Duyuru • Mar 17
N Citron, Inc., Annual General Meeting, Mar 31, 2026 N Citron, Inc., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 19, eonju-ro 148-gil, gangnam-gu, seoul South Korea Buy Or Sell Opportunity • Mar 17
Now 28% undervalued Over the last 90 days, the stock has risen 21% to ₩387. The fair value is estimated to be ₩540, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 13
Now 22% undervalued Over the last 90 days, the stock has risen 45% to ₩432. The fair value is estimated to be ₩552, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 26
Now 21% undervalued Over the last 90 days, the stock has risen 33% to ₩426. The fair value is estimated to be ₩542, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. New Risk • Oct 01
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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (₩27.8b market cap, or US$19.8m). New Risk • Aug 21
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 9.0% 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 (9.0% average weekly change). Market cap is less than US$100m (₩29.0b market cap, or US$20.7m). New Risk • May 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (₩25.8b market cap, or US$18.8m). Reported Earnings • Mar 20
Full year 2024 earnings released: ₩29.00 loss per share (vs ₩19.00 profit in FY 2023) Full year 2024 results: ₩29.00 loss per share (down from ₩19.00 profit in FY 2023). Revenue: ₩36.3b (up 1.2% from FY 2023). Net loss: ₩1.75b (down 262% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Duyuru • Mar 14
N Citron, Inc., Annual General Meeting, Mar 28, 2025 N Citron, Inc., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 19, eonju-ro 148-gil, gangnam-gu, South Korea 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 Risk No financial data reported. Minor Risks Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Market cap is less than US$100m (₩25.1b market cap, or US$17.5m). New Risk • Dec 07
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: Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Market cap is less than US$100m (₩24.4b market cap, or US$17.2m). New Risk • Jul 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.0% 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 Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Market cap is less than US$100m (₩29.0b market cap, or US$21.0m). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩19.00 (vs ₩4.00 loss in FY 2022) Full year 2023 results: EPS: ₩19.00 (up from ₩4.00 loss in FY 2022). Revenue: ₩35.9b (up 44% from FY 2022). Net income: ₩1.08b (up ₩1.27b from FY 2022). Profit margin: 3.0% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩18.00 (vs ₩26.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩18.00 (down from ₩26.00 in 3Q 2022). Revenue: ₩9.04b (up 34% from 3Q 2022). Net income: ₩1.04b (down 16% from 3Q 2022). Profit margin: 12% (down from 18% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Duyuru • Jun 20
N Citron, Inc. announced that it has received KRW 1.999998 billion in funding On June 19, 2023, N Citron, Inc. closed the transaction. Duyuru • Jun 01
N Citron, Inc. announced that it expects to receive KRW 1.999998 billion in funding N Citron, Inc. announced a private placement of 3,333,330 common shares at an issue price of KRW 600 per share for the gross proceeds of KRW 1,999,998,000 on May 30, 2023. The transaction will include participation from new individual investors In-gyeon Jeong for 1,666,666 shares,Dongha Lee for 416,666 shares,Jeong-joo Kim for 416,666 shares,Jungwoo Song for 333,333 shares,Seongwoo Kim for 333,333 shares and Bonghun Shin for 166,666 shares. The transaction has been approved by the board of directors of the company. The transaction is expected to close on June 19, 2023. Board Change • Nov 16
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. 6 experienced directors. No highly experienced directors. 1 independent director (5 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: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
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. 6 experienced directors. No highly experienced directors. 1 independent director (5 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: Minority of independent directors. Insufficient board refreshment. Duyuru • Jan 30
N Citron, Inc. announced that it has received KRW 12 billion in funding from ATG Ground Co., Ltd. On January 28, 2022, N Citron, Inc. closed the transaction. Is New 90 Day High Low • Feb 26
New 90-day low: ₩784 The company is down 24% from its price of ₩1,030 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 Semiconductor industry, which is up 36% over the same period. Duyuru • Feb 22
N Citron, Inc. announced that it has received KRW 15 billion in funding On February 22, 2021, N Citron, Inc. (KOSDAQ:A101400) closed the transaction. Duyuru • Feb 20
N Citron, Inc. announced that it expects to receive KRW 15 billion in funding N Citron, Inc. (KOSDAQ:A101400) announced a private placement of series 12 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 2,000,000,000 and series 11 bearer interest
unguaranteed private convertible bonds for gross proceeds of KRW 13,000,000,000; for aggregate proceeds of KRW 15,000,000,000 on February 18, 2021. The transaction will include participation from Torus Investment Co., Ltd. for KRW 1,000,000,000, Jimong Co., Ltd. for KRW 500,000,000, and Gijun Ahn for KRW 500,000,000. Asher Fund will subscribe to series 11 bonds. The bonds will have interest and yield to maturity of 2% and will mature on February 22, 2024. The series 12 bonds are fully convertible into 2,447,980 common shares for 7.05% stake at a fixed conversion price of KRW 817 per share after 1 year from issuance. The series 11 bonds are fully convertible at a fixed conversion price of KRW 817 per share into 15,911,872 common shares. The conversion period is from February 22, 2022 to January 22, 2024. The transaction has been approved by the board of directors of the company. The payment date is February 22, 2021. Is New 90 Day High Low • Feb 08
New 90-day low: ₩826 The company is down 30% from its price of ₩1,180 on 10 November 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 38% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: ₩841 The company is down 15% from its price of ₩991 on 20 October 2020. The South Korean market is up 30% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 39% over the same period. Is New 90 Day High Low • Dec 29
New 90-day low: ₩870 The company is down 13% from its price of ₩1,000 on 29 September 2020. The South Korean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 27% over the same period. Duyuru • Dec 06
N Citron, Inc. has completed a Follow-on Equity Offering in the amount of KRW 999.999585 million. N Citron, Inc. has completed a Follow-on Equity Offering in the amount of KRW 999.999585 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,036,269
Price\Range: KRW 965 Duyuru • Dec 03
N Citron, Inc. announced that it expects to receive KRW 2.999998815 billion in funding N Citron, Inc. (KOSDAQ:A101400) announced a private placement of 3,134,795 common shares of face value KRW 500 per share for gross proceeds of KRW 957 per share for gross proceeds of KRW 2,999,998,815 on December 1, 2020. The transaction will include participation from SM 1 Fund for 2,089,864 shares, Ynot Entertainment Co., Ltd for 522,466 share, Jin Ho Choi for 417,972 shares, and Tae Sang Jung for 104,493 shares. The transaction has been approved by the board of directors of the company. The company will issue shares using third party allocation method. The shares are being issued at a discount rate of 10% to base price. The shares being issued pursuant to the transaction are subject to a hold period of one year. The transaction has a payment date of December 21, 2020. Is New 90 Day High Low • Oct 12
New 90-day low: ₩989 The company is down 26% from its price of ₩1,345 on 14 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 Semiconductor industry, which is up 4.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: ₩1,075 The company is down 31% from its price of ₩1,550 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 Semiconductor industry, which is flat over the same period. 
