BTS Is Not Going on Hiatus, Members Will Release Group and Solo Projects in 'New Chapter'

Jeff Kravitz/FilmMagic BTS

BTS is still going strong!

The popular seven-member band is not going on hiatus, a release shared with PEOPLE on Wednesday clarifies. Instead, they plan to release both group and solo projects as they embark on their "new chapter" together.

The release comes after BTS members RM, Jungkook, J-Hope, Jin, V, Jimin and Suga appeared to announce a temporary hiatus during the group's annual FESTA dinner to celebrate nine years together as a band on Tuesday.

"The group will remain active as a team while taking individual journey to further achieve personal growth," per the release from HYBE, the agency that represents BTS, adding that the members of the two-time Grammy-nominated group "will allow themselves to express their individuality through the release of solo albums and collaborations with other artists."

RELATED: BTS' Jin Opens Up About Building Confidence on His Own as Band Takes Break: 'I Can Handle This!'

HYBE's parent company BIGHIT MUSIC added, "BTS now starts a new chapter with new solo projects as well as group projects. Members will take this time to achieve personal growth through various new activities, and we expect it to further strengthen the foundation for the group's long-run as a team. BIGHIT MUSIC will actively support the artists."

J-Hope will be the first member to release a solo project. Details will be shared at a later date, hYBE said.

RELATED VIDEO: BTS Drops a New Album, Proof, as They Celebrate Nine Years as Band

A spokesperson for the group also told Pitchfork, "To be clear, they are not on hiatus but will take time to explore some solo projects at this time and remain active in various different formats."

Jungkook also cleared the air during a livestream on the V Live app and said, according to Variety, that although they are releasing solo projects, they will still be working together.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

After the group's initial announcement Tuesday, HYBE's stock took a dive, costing the company $1.7 billion of market value in Wednesday morning's first hour of trading, Variety added.

In their video, BTS' V, 26, insisted the group isn't breaking up and said, "Later when we gather again as a group that synergy will be like no other."

RELATED: Charlie Puth Seemingly Confirms Rumored BTS Collaboration: 'No Idea of the Day It Comes Out'

Echoing his comments, J-Hope, 28, assured fans the future of BTS will be positive for the group members. "I think we should spend some time apart to learn how to be one again," he said during the live streamed event.

"I hope you don't see this as a negative thing, and see it as a healthy plan," continued J-Hope. "I think BTS will become stronger that way."

Last week, BTS released a compilation album titled Proof, a 35-track release that includes some of the band's hits, unreleased songs, demos, and more.