PeopleBio will change its name to "TimeX AI."
PeopleBio said it will hold an extraordinary shareholders meeting on the 20th to put forward an agenda item to change its name. The move aims to refresh the corporations image in line with a business reshuffle centered on artificial intelligence (AI).
The new name, TimeX AI, combines "Time," meaning millisecond (ms)-level speed that is key to AI competitiveness, with a vision to shorten time to the extreme based on data center and semiconductor businesses, the core of AI infrastructure, and leap forward as a leading AI company.
Earlier, PeopleBio expanded its business purposes to include ▲ AI data center infrastructure and servers ▲ semiconductors ▲ bio, building an AI-centered business portfolio.
In the AI infrastructure and server institutional sector, the company is pushing a joint project with RealityGen, an affiliate of the largest shareholder, to build an AI edge data center. PeopleBio plans to carry out overall project management (PM), supply of key mechanical, electrical and plumbing (MEP) equipment, and operations and hosting. The AI edge data center will have a capacity of 9 megawatts (MW).
In the semiconductor institutional sector, the company is in talks with SISTA, its refurbish co-venture partner, to purchase and deliver used 200 mm wafer equipment to a mid-sized domestic foundry. The company is pursuing the project with a goal of recognizing revenue in the second half of this year.
In the bio institutional sector, to respond to the U.S. Food and Drug Administration (FDA) Breakthrough Devices Program designation process, the company recently made an additional visit to the United States to review preparations. The company plans to focus its capabilities to obtain Breakthrough Device designation by Aug.
Also at the extraordinary shareholders meeting, the company will table a 2-for-1 reverse stock split and a proposal to offset accumulated losses using 79.2 billion won in additional paid-in capital. The company said it plans to strengthen financial soundness and establish a basis for shareholder returns that enables future dividends.