Exchange Decides to Maintain KG Mobility Listing... Trading to Resume Tomorrow

2 Years and 4 Months After Trading Suspension
Small Shareholders Numbered 43,160 as of End of December Last Year

The Korea Exchange has decided to maintain the listing of KG Mobility (formerly Ssangyong Motor), whose stock trading had been suspended due to corporate rehabilitation and audit opinion refusal.

On the afternoon of the 27th, the Korea Exchange held a Corporate Delisting Committee meeting and announced that it decided to maintain KG Mobility's listing. Accordingly, KG Mobility's stock trading and transactions will resume on the KOSPI market starting from the 28th. This marks approximately 2 years and 4 months since trading was suspended in December 2020 when Ssangyong Motor filed for corporate rehabilitation with the court.

Photo by Yonhap News

Before being acquired by the KG Group, Ssangyong Motor received audit opinion refusals on its financial statements for the fiscal years 2020 and 2021, which constituted grounds for delisting. Regarding the formal delisting reason due to audit opinion refusal, Ssangyong Motor resolved this by receiving an unqualified opinion in its 2022 audit report; however, this triggered a substantive review for listing eligibility. Earlier, in December 2020, trading was suspended when the company filed for corporate rehabilitation with the court. The rehabilitation process concluded in November last year after Ssangyong Motor was acquired by the KG Group.

As of the end of December last year, KG Mobility had 43,160 minority shareholders, holding 21.67% (40,490,942 shares) of the total issued shares. KG Mobility's current stock price is 8,760 KRW, with a market capitalization of 1.6377 trillion KRW.

The Exchange has set 8,760 KRW as the evaluation price and will determine the reference price within the range of the minimum bid price (50%) and the maximum bid price (200%) of this evaluation price. Accordingly, on the 28th, when trading resumes, bids will be accepted from 8:30 AM to 9:00 AM, and the initial price determined by a single-price auction method will be set as the reference price. Based on this reference price, regular market trading will resume with a price fluctuation range of plus or minus 30%, the same as for general stocks.