[Asia Economy Reporter Myunghwan Lee] U&AI is falling more than 25% on the afternoon of the 30th. This is interpreted as a repercussion of the failed acquisition of Ssangyong Motor by its parent company Edison Motors, coupled with Edison EV receiving a 'disclaimer of opinion' on its audit report the previous day, facing the risk of delisting. Edison EV is the largest shareholder of U&AI.
As of 2:30 PM on the same day, U&AI is trading at 11,650 KRW, down 26.27% (4,150 KRW) from the previous trading day.
The day before, the Korea Exchange KOSDAQ Market Division suspended trading of Edison EV's shares, requesting verification of the facts and specific details regarding the audit opinion being non-standard. In response, the company submitted an audit report with a 'disclaimer of opinion' on the same day. The KOSDAQ Market Division announced on the 30th that Edison EV has grounds for delisting and extended the trading suspension period until the delisting decision is made.
Earlier, on the 28th, Ssangyong Motor announced the termination of the M&A investment contract with the Edison Motors consortium, signaling the failure of the acquisition. In response, Edison Motors filed a provisional injunction on the 29th at the Seoul Central District Court, requesting suspension of the effect of the termination of the M&A investment contract with Ssangyong Motor.
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