Parataxis Korea Faces Delisting Risk and Merger Amidst Losses

Korea Exchange suspended trading on April 7, 2026 due to listing eligibility review (KOSDAQ listing regulation Article 56). Potential delisting depending on review outcome.
Board resolved on April 7, 2026 to merge into Parataxis Ethereum Ltd. (surviving entity) with merger date October 1, 2026. Merger uncertain (requires special shareholder resolution and may be cancelled if share purchase requests exceed 20 billion won).
Consolidated net loss of 2.55 billion won in Q1 2026 (vs. 4.88 billion loss in prior year period). Accumulated deficit reaches 183 billion won.
Key pipeline BBT-877 failed Phase 2 trial (primary endpoint not met, p=0.385). Additional formulation development ongoing.
Digital asset business: Holds 216.6 BTC (carrying amount 29.6 billion won, fair value 24.0 billion won). BTC price declined (101 million won at quarter-end vs. 128 million at year-end). USDT loan of 10.25 million USDT (11% interest, collateralized by 155 BTC, margin call risk).
Cash and cash equivalents sharply decreased (from 20.2 billion to 3.3 billion won). Funding and liquidity risks.
No dividend or share buyback related items.

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