Theborn Korea, led by CEO Baek Jong-won, saw its stock price drop to half of its level on the first day of listing.
On the 17th, Theborn Korea closed at 27,900 won, down 2.28% from the previous session. The stock price had been hovering around the 30,000 won range last month and has continued to decline since reaching 29,600 won on the 28th of last month.
After being listed on the stock market on Nov. 6 last year, Theborn Korea's stock price peaked at 64,500 won, 90% higher than the offering price of 34,000 won, but closed at 51,400 won. Since then, it has not escaped the downward trend and is currently at half of the closing price on its first day.
Recently, Theborn Korea has faced ongoing controversies over product quality and legal violations, leading to worsening public opinion.
Online claims have emerged that Theborn Korea used a pesticide sprayer to dispense juice at a local festival in November 2023 and used a barbecue grill that appeared to be construction materials.
In response, Theborn Korea issued a statement the previous day, noting that they "complied with food sanitation laws" while also stating that they would "examine all details meticulously and make improvements."
Earlier, the National Agricultural Products Quality Management Service reported that Theborn Korea falsely labeled the origin of soy sauce, doenjang, and agricultural processed products, leading to criminal charges for violating origin labeling regulations.
Additionally, Theborn Korea has been embroiled in scandals over allegations of violating farmland laws, controversy over the price of 'Bacon Ham,' and issues regarding the citrus content in Citrus Beer.