[Featured Stock] EdisonEV Plummets for Second Day Following Failed Ssangyong Motor Acquisition

[Asia Economy Reporter Myunghwan Lee] EdisonEV has been on a decline for the second consecutive day following the collapse of its parent company Edison Motors' acquisition of Ssangyong Motor.

As of 9:40 a.m. on the 29th, EdisonEV is trading at 8,850 KRW, down 27.76% (3,400 KRW) from the previous trading day. After falling to the price limit of 29.80% and closing at the lower limit price of 12,250 KRW the previous day when the news of Edison Motors' failed acquisition of Ssangyong Motor was announced, it continues to plummet for two consecutive days.

Earlier, Ssangyong Motor announced on the morning of the 28th that "the company signed a merger and acquisition investment contract with the Edison Motors consortium with the approval of the Seoul Bankruptcy Court, but the Edison Motors consortium failed to deposit the acquisition funds, which should have been deposited at least five business days before the creditors' meeting date, resulting in the automatic termination of the investment contract."

In response, Edison Motors is reportedly planning to file an injunction lawsuit to preserve its contractual status. EdisonEV announced in a disclosure the previous day that "the consortium in which the company participates plans to file an injunction application to preserve contractual status regarding the termination of the main contract."