Rznomics(476830) Chief Executive Officer Lee Seong-uk, the largest shareholder, bought treasury shares on the open market. The company said it decided to purchase the shares as part of responsible management, judging that the current share price is excessively undervalued compared with the value of the corporations.
Rznomics disclosed on the 10th that CEO Lee bought 1,000 common shares on the open market. The stake held by the largest shareholder and related parties, including persons in a special relationship, is 21.3%.
Lee is also considering additional treasury share purchases.
Lee said, "As CEO, I feel a heavy sense of responsibility for the prolonged share price decline," and added, "I decided on open-market purchases based on confidence in Rznomics' growth potential."
Lee added, "Without being swayed by short-term market volatility, I will focus on restoring corporate value through research and development outcomes and management oversight."