Investors in EdisonEV Who Experienced 'Heaven and Hell'

[Asia Economy Reporter Hwang Junho] Investors chasing a 'big hit' with EdisonEV were hit by a sudden blow. Despite EdisonEV's failure to submit its audit report, the stock price surged sharply amid a lawsuit related to the Ssangyong Motor acquisition contract, with trading volume exploding, but trading was suspended after the market closed.

According to the Korea Exchange on the 30th, EdisonEV started at 10,000 KRW the previous day, plummeted to 8,720 KRW (down 28.82% from the previous trading day) in the early session, then surged to 14,900 KRW (up 21.63%) in the late session. The day's price fluctuation was 66.28%, showing a stock price movement that truly oscillated between heaven and hell. In this situation, the trading value easily exceeded the market capitalization. Based on the previous day's closing price, EdisonEV's market capitalization was 335.2 billion KRW, but the trading value exceeded 412.8 billion KRW.

The sudden spike in EdisonEV's stock price came after the announcement of a provisional injunction application to suspend the effect of the termination notice of the Ssangyong Motor acquisition contract. Edison Motors, EdisonEV's parent company, was supposed to pay the remaining 274.3 billion KRW by the 25th, excluding the 30.5 billion KRW deposit paid for the Ssangyong Motor acquisition, but failed to do so, and the contract was automatically canceled. However, when the provisional injunction application was announced, individual investors who saw it as another turning point in the Ssangyong Motor acquisition flocked in.

But the happiness was short-lived. The KOSDAQ Market Headquarters of the Korea Exchange issued an inquiry disclosure regarding the truth of the adverse audit opinion rumor, and EdisonEV disclosed an audit report centered on an audit opinion of 'disclaimer.' Subsequently, the exchange announced that it would suspend trading until a decision on delisting is made to protect investors.

A financial investment industry official said, "It appears to be a price fluctuation caused by speculative trading by individuals," adding, "However, since EdisonEV is the cause, a thorough investigation by the authorities seems necessary."

This content was produced with the assistance of AI translation services.