Bident Affiliate Completes Exchange Objection Submission... "Will Clarify Reasons for Opinion Rejection"

Vidente and its affiliates Bucket Studio and Inbiogen announced on the 24th that they have completed the submission of an objection to delisting to the Korea Exchange.

On the 31st of last month, Vidente and its affiliates disclosed that they received a disclaimer of opinion from the external auditor on the consolidated financial statements for the 2022 fiscal year due to a "scope limitation."

Subsequently, on the 12th, at the current shareholders' meeting (adjourned meeting) held at Vidente's headquarters located in Geumcheon-gu, Seoul, they held a session to provide additional explanations to minority shareholders regarding the specific reasons for the auditor's disclaimer of opinion.

At that time, Vidente stated, "The decisive reason for this disclaimer of opinion was that, according to a recent court decision received from the Seoul Southern District Court, the Bithumb Holdings shares owned by Vidente were recognized as the personal assets of Chairman Kang Jong-hyun, resulting in a seizure order, which led the auditor to issue a disclaimer of opinion. We have filed an appeal with the court as of April 3rd and plan to make every effort to reclaim the company's rights through third-party objections and other legal actions."

Additionally, Vidente and its affiliates will form a TFT (Task Force Team) to respond to the substantive review, led by Lim Jeong-geun, the emergency response committee chairman who is a former Financial Supervisory Service official and former prosecutor at the Seoul Southern District Prosecutors' Office, along with key personnel from the affiliates, to prepare for the resumption of trading.

The TFT began full-scale preparations for re-audit after completing the submission of objections for Vidente and its affiliates as of April 20th regarding the reasons for delisting.

Lim Jeong-geun, the emergency response committee chairman, said, "First, I sincerely apologize to the shareholders for the occurrence of the disclaimer of opinion. We are fully aware of all the details, and since this issue is unrelated to procedural problems in business or the company's viability, we will provide sufficient explanations and do our best to resume trading as soon as possible."