Taeyoung Construction Submits Objection to Delisting of Common Shares

Taeyoung Construction announced on the 11th that it has submitted an objection to the Korea Exchange regarding the cause for delisting.

This is a follow-up measure after the external auditor, Samjong Accounting Corporation, issued a 'disclaimer of opinion' on last year's financial statements on the 20th of last month, which triggered the cause for delisting. A disclaimer of opinion from an accounting firm constitutes grounds for delisting. Taeyoung Construction's shares have been suspended from trading since the 14th of last month due to capital erosion.

If the objection is accepted, a maximum improvement period of one year will be granted through a review process. During this period, if a re-audit of the relevant financial statements results in an unqualified opinion, the cause for delisting will be resolved.