April Bio's share price turned sharply lower in the NXT after-hours market that opened after the regular session closed on the 19th.

In the regular session, April Bio finished at 26,300 won, down 50 won (0.19%) from the previous trading day, but the decline widened significantly in after-hours NXT trading. As of 4:28 p.m. that day, the stock was trading at 18,670 won in NXT, down 7,680 won (29.15%) from the regular session closing price.

■ Corrected Disclosure on Largest Shareholder Change Reflects Transfer of Loan Claims and Pledgee Change

The market's attention focused on the disclosure. April Bio issued a corrected disclosure regarding its largest shareholder change that day. The reason for the correction was a "change in the content of other matters for reference in investment decisions."

The correction reflected the transfer of loan claims related to the acquisition financing borrowed by IMM Scale-up Bio No. 1 LLC and the resulting change in pledgees.

According to the disclosure, IMM Scale-up Bio No. 1 LLC raised the total acquisition funds of 99,999,762,600 won through 59,999,985,756 won of its own capital and 39,999,990,504 won in borrowings. The lender was Shinhan Investment Securities, with the loan period running until the day marking five years from July 23, 2026.

Shinhan Investment Securities subsequently transferred, on August 19, 150 billion won of its loan claims against IMM Scale-up Bio No. 1 LLC to IBK Capital and 4,999,990,504 won to SBI Savings Bank. Along with each transferred claim, the pledges held as lender as well as all other rights, obligations, and contractual positions were also transferred to the assignees.

Accordingly, the pledgee of 708,000 common shares of April Bio was changed from the existing Shinhan Investment Securities to a joint pledge arrangement among Shinhan Investment Securities, IBK Capital, and SBI Savings Bank. The pledgee of the securities account holding all April Bio shares owned by IMM Scale-up Bio No. 1 LLC was also changed in the same manner.

■ Largest Shareholder Stake at 19.22%... Management Rights to Be Exercised by TKG Huchems

April Bio's largest shareholder changed on July 23 from Cha Sang-hoon and two others to IMM Healthcare No. 8 LLC and two others. After the change, the largest shareholder group holds 5,981,862 shares, representing a 19.22% stake based on 31,117,877 voting shares outstanding.

In detail, IMM Healthcare No. 8 LLC holds 3,085,998 shares (9.92%), IMM Scale-up Bio No. 1 LLC holds 2,779,458 shares (8.93%), and IMM Startup Venture Fund No. 2 holds 116,406 shares (0.37%).

The largest shareholder change resulted from CEO Cha Sang-hoon's performance of a share purchase and sale agreement and the completion of payment for a third-party allotment capital increase by IMM Healthcare No. 8 and IMM Scale-up Bio No. 1. According to the disclosure, the purpose of acquiring the stake by the new largest shareholder is "simple investment," and there are no plans to appoint or dismiss executives after the acquisition. Following the largest shareholder change, management rights are to be exercised by TKG Huchems under the joint investment agreement.