Sam Chun Dang Pharm rose more than 4% early on the 6th. Buying is seen as picking up on news that Chief Executive Jeon In-seok of Sam Chun Dang Pharm is scrapping plans to sell equity.
As of 9:31 a.m. on the 6th, Sam Chun Dang Pharm was trading on the KOSDAQ market at 674,000 won, up 26,000 won (4.01%) from the previous session.
According to the Financial Supervisory Service's electronic disclosure system, Jeon decided to halt a planned block deal (after-hours bulk transaction) of common shares worth about 250 billion won that was announced on the 24th of last month. Earlier, Jeon said the company planned to sell 265,700 shares of Sam Chun Dang Pharm to fund tax payments.
As earlier controversy overlapped with concerns about damage to shareholder value, the share price of Sam Chun Dang Pharm, which had surpassed 1 million won, fell to 609,000 won at the close on the 2nd.
Meanwhile, Sam Chun Dang Pharm plans to hold a press briefing this afternoon to explain in detail the circumstances behind the cancellation of the equity sale plan and to state its position on key issues, including questions raised in the market about its proprietary platform "S-PASS" and the substance of a U.S. contract.