Aibit to File Objection Regarding Reason for Delisting Occurrence

[Asia Economy Reporter Eunmo Koo] AIBIT, a company listed on KOSDAQ, announced on the 24th that it plans to file an objection with the Korea Exchange regarding the reason for delisting.

AIBIT became subject to a delisting substantive review after receiving a final notification of audit opinion refusal on the 2019 financial statements submitted on the 20th. The reasons for the refusal were "audit scope limitation and the validity of investment and fund transactions."

According to KOSDAQ market listing regulations, AIBIT can file an objection within 7 business days from the date of receiving the delisting notice. If the objection is accepted by the Korea Exchange, a one-year improvement period will be granted.

An AIBIT official stated, "We plan to normalize the company by receiving an improvement period order," adding, "To minimize investor damage, we will promptly achieve normalization through activating sales in our core business, cost reduction leading to four consecutive years of operating profit, and strengthening accounting transparency by introducing strict accounting treatment guidelines."

He continued, "AIBIT has recorded operating profits for three consecutive years since 2017 and secured financial soundness by lowering the debt ratio," and "The core business, display inspection equipment, is also being operated stably."