FromBio(377220) has hit the daily upper limit for two straight days after trading resumed following a reverse stock split.
At 9:30 a.m. on the 11th, FromBio was trading at 4,325 won on the KOSDAQ, up 29.88% from the previous session. On the day trading resumed, it also closed at 3,330 won, up to the price limit.
It is seen as buyers flocking to the company's plan to use the reverse stock split to improve its financial structure and secure new growth engines.
FromBio in May decided on a 5-for-1 reverse stock split, changing the par value per share from 100 won to 500 won. As a result, stock transactions were suspended from the 20th of last month to the 9th of this month, and trading resumed on the 10th.
The company plans to raise corporate value by overhauling its financial structure, expanding its bio business, and improving subsidiary performance as trading resumes.
A FromBio official said, "The resumption of trading not only means stock transactions are starting again but also that we have entered a new growth phase," adding, "As improvements in the financial structure, growth in the bio business, and better subsidiary performance are becoming visible at the same time, we are confident about medium- to long-term corporate value enhancement."
The official added, "In the second half, we will focus on enhancing shareholder value by making our performance improvements and research and development results concrete and strengthening communication with the market through active IR activities."