Theborn Korea's stock is weak in the early trading on the 7th. After the six-month lock-up period ended following its listing in November last year, the potential selling pressure has increased, leading to a surge in selling.
As of 10:19 a.m. that day, Theborn Korea is trading at 26,250 won, down 700 won (2.60%) from the previous trading day. Theborn Korea's stock has fallen over 20% compared to the initial public offering price of 34,000 won in just six months since its listing.
According to the financial investment industry, the amount of shares from Theborn Korea that will have their lock-up released that day includes 4,865,835 shares (33.63%) held by joint representatives Paik Jong-won and Kang Seok-won. The 282,600 shares committed by institutional investors are also available for sale starting that day.
Although the likelihood that representatives including Paik will immediately sell the shares from the released lock-up is low, it is expected to put pressure on the stock price.
Meanwhile, Representative Paik announced the previous day that he would suspend all broadcasting activities to focus solely on the growth of Theborn Korea. He stated through a press release and the official YouTube channel, “Now, as a businessman Paik Jong-won rather than a broadcaster, I will concentrate all my passion and effort entirely on the growth of Theborn Korea.”
This is the third time Representative Paik has apologized regarding controversies related to the company. Earlier, on March 13, he posted an apology on the company's website regarding issues related to the quality of its products. Following allegations that Theborn Korea violated food hygiene laws by spraying juice from a pesticide sprayer at a local festival, he posted a second apology on the 19th of the same month.