Gold Pacific Excluded from Delisting Review... Trading Resumes on the 20th

Gold Pacific, a KOSDAQ-listed company, resumed stock trading after being excluded from the delisting eligibility review within a month.

Gold Pacific (CEO Jo Jeong-yeong) announced on the 20th that it was excluded from the delisting eligibility review conducted by the KOSDAQ Market Headquarters of the Korea Exchange. Accordingly, Gold Pacific resumed normal stock trading from the same day.

A Gold Pacific representative stated, "At the extraordinary general meeting scheduled for May 30, we will appoint new outside directors and auditors who guarantee independence and objectivity," adding, "We will establish a Transparent Management Committee to reorganize the organization and regulations to prevent repeated violations of accounting standards and revise business objectives."

The company achieved sales of 31.1 billion KRW last year by supplying various reagents, equipment, and instruments used in biotechnology research and experiments to general hospitals and university research institutes through its bio-distribution business division, which was acquired through a business transfer in 2021. The representative added, "We have shown clear results by diversifying from the existing fashion business to the bio-distribution business," and "We plan to focus our capabilities on bio-related businesses going forward."

Earlier in March, the Securities and Futures Commission imposed sanctions including fines and a two-year auditor designation on Gold Pacific for preparing and disclosing financial statements in violation of accounting standards. The KOSDAQ Market Headquarters also suspended stock trading, citing reasons for delisting eligibility review.

In response, Gold Pacific stated, "Although we were sanctioned by the Securities and Futures Commission due to accounting standard violations by previous management, these issues pertain to fiscal years from 2016 to 2019. As of the end of 2022, management has normalized and performance has improved," and added, "We will make efforts to resume trading promptly to minimize shareholder damage."