Setopia announced on the 9th that it plans to submit an objection to the delisting due to the occurrence of delisting reasons caused by a disclaimer of opinion in the audit report for the 2023 fiscal year.
On the 4th, Setopia received a 'disclaimer of opinion' on the 2023 fiscal year audit due to scope limitation and uncertainty about the company's ability to continue as a going concern, resulting in grounds for delisting. Accordingly, it plans to submit objection documents related to the delisting to the Korea Exchange KOSDAQ Market Division by the 26th.
The Exchange will decide on the delisting after a review by the Listing Committee within 20 days from the date of document submission. If the objection is accepted, according to Article 55 of the KOSDAQ Listing Regulations, the review by the Corporate Evaluation Committee will be omitted, and a correction period will be granted.
During this period, if a re-audit is conducted on the financial statements that received the disclaimer of opinion and an 'unqualified' opinion is obtained, the grounds for delisting will be resolved. Subsequently, a substantial review of listing eligibility will be conducted to assess whether maintaining the listing is appropriate, and if passed, trading will resume.
A Setopia official stated, "We plan to proceed with the objection to the occurrence of delisting reasons as soon as possible and will do our best to prevent additional damage to shareholders and investors."
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