TS Nexgen Faces Delisting Risk and Persistent Losses

Stock trading suspended and delisting review underway: Qualified audit opinions on March 31, 2025 and April 7, 2026; management improvement plan to be submitted by May 22, 2026.
Consolidated operating loss of KRW 256 million and net loss of KRW 200 million in Q1 2026 (separate: operating loss KRW 217 million, net loss KRW 163 million).
Default on 12th CB (KRW 60.5 billion) and 16th BW (KRW 125 billion) due to loss of time benefit; 16th BW fully repaid in October 2025 via collateral sale.
Change in largest shareholder (Sisco Bio Investment Union→E+Plus on March 19, 2026) triggered additional substantive review for listing eligibility.
Credit rating downgraded: B+/B-/B- in April 2026 (KED, NICE D&B, eCreditable).
Subsidiaries Neurosona and Viconnect incurring large losses and negative equity (Neurosona net liabilities over KRW 2 billion, Viconnect net liabilities over KRW 0.9 billion).
No dividends or share buybacks in recent years.
Designated as an unfaithful disclosure corporation (disclosure reversal) in April and October 2025.
No R&D expenses; 98% of sales from industrial equipment (dampers).
Inventory of KRW 10.3 billion, allowance for bad debts of KRW 8.0 billion (49.2% of total receivables).

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