Financial Supervisory Service Requests Amendment to Securities Registration Statement from Tilon for 'KOSDAQ Transfer Listing'

On the 17th, the Financial Supervisory Service announced that it has requested Tilon, which is seeking to transfer its listing from KONEX to KOSDAQ, to amend its securities registration statement. Established in 2001, Tilon is engaged in businesses such as cloud virtualization, metaverse office platforms, and electronic document and electronic contract solutions based on blockchain technology.

The request for submission of an amended registration statement is to prevent potential damages that may occur if investors invest without properly knowing about significant financial deterioration and other issues, which were insufficiently disclosed following a Supreme Court ruling, the Financial Supervisory Service explained.

Companies requested to submit an amended registration statement must do so within three months. Failure to submit will be deemed as a withdrawal of the securities registration statement under the Capital Markets Act.

A Financial Supervisory Service official stated, "This case follows the recently announced policy on reviewing securities registration statements for initial public offerings, focusing on unresolved investor protection issues."