RedHill Biopharma Ltd (RDHL)

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RedHill Biopharma Secures Kukbo Asset Freeze Following RedHill's $8.25 Million Plus Legal Fees New York Supreme Court Summary Judgment Win

https://finance.yahoo.com/news/redhill-biopharma-secures-kukbo-asset-110000628.html

Korea's Incheon District Court attachment grant prevents asset disposal by Kukbo prior to enforcement, following the New York Supreme Court's approximately $8.25 million plus legal fees and costs summary judgment in favor of RedHill
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The New York Supreme Court dismissed all Kukbo's counterclaims
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Latest Court victory demonstrates RedHill's commitment to collection of the court-mandated award, upon which 9% interest continues to be accruable

RALEIGH, N.C. and TEL-AVIV, Israel, May 13, 2025 /PRNewswire/ -- RedHill Biopharma Ltd. (NASDAQ: RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company, today announced that it had won its attachment petition to the Court in South Korea on Kukbo Co. Ltd's ("Kukbo") assets, following the approximately $8.25 million plus legal fees and costs summary judgment ruling in RedHill's favor by the New York Supreme Court.

An attachment petition in South Korea refers to a court-ordered seizure (attachment) of a debtor's assets to secure a claim before or during a lawsuit, designed to prevent the debtor from disposing of assets before the creditor can enforce a judgment.

RedHill's approximately $8.25 million summary judgment win includes approximately $1.75 million in accrued interest at 9%, emanating from Kukbo's failure to pay RedHill according to the terms of subscription and licensing agreements signed by the two companies in October 2021 and March 2022, respectively. Additionally, and in accordance with the court's ruling, a motion has been filed to recover legal fees and costs.

Kukbo has a right to seek an appeal of the judgment, and on December 4, 2024, filed a notice of appeal, upon which they may or may not choose to act. Kukbo has six months from filing of the notice, until June 4, 2025, to perfect its appeal, subject to potential extension.