Neorigin: Largest Shareholder Change and Capital Increase Completed, Operating Loss Continues

Largest shareholder change: On April 22, 2026, the largest shareholder changed to JAKOTA ASIA STRATEGY LIMITED (28,000,000 shares at 956 won, total 26.77 billion won capital increase completed, listing expected May 22, 2026, 1-year lock-up)
Operating loss continues: Consolidated Q1 2026 revenue 6.68 billion won, operating loss 1.07 billion won, net profit 3.72 billion won (including one-time gain from equity disposal of 6.28 billion won)
Convertible bond maturity approaching: 11th series CB 6.0 billion won (maturity May 4, 2026, conversion price 1,855 won, potential dilution of 3.23 million shares), requires repayment or conversion
New business purposes added: AI data center, digital asset investment, etc., no concrete plans
Cash and cash equivalents: Consolidated 1.66 billion won, parent only 0.20 billion won (low liquidity)
No quarterly dividends or share buyback/retirement

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