Apeloa Pharmaceutical extends employee stock plan to 2026

Apeloa Pharmaceutical Co., Ltd. announced its first phase of the employee stock ownership plan (ESOP), initially approved in 2019, has been extended until May 28, 2026. The plan’s initial 36-month duration was set to end on May 28, 2022. However, the company’s Eighth Board of Directors meeting on March 8, 2022, approved a 24-month extension, pushing the expiration to May 28, 2024. A further 24-month extension was approved on March 6, 2024, by the Ninth Board of Directors, setting the current expiration date.

The ESOP acquired 32,664,016 shares of the company’s stock via block trading on June 11, 2019, representing 2.77% of the total share capital at that time. As of the current announcement date, the plan has cumulatively reduced its holdings by 11,100,000 shares through centralized bidding and still retains 21,564,016 shares, accounting for 1.86% of the company's current total share capital. The shares held under this plan are not pledged, mortgaged, or guaranteed.

The company will determine whether to sell the remaining shares based on the holders' intentions and market conditions, adhering strictly to market trading rules and regulatory restrictions. Further extensions of the ESOP's duration require approval from holders representing two-thirds or more of the plan’s units and subsequent review by the company's board of directors. The plan will terminate automatically upon its expiration or earlier if all assets are converted to monetary funds.