Point Mobile Resumes Trading After 757 Days, Drops 11%

First Trade Since March 29, 2022
Trading Halted for Over Two Years Due to Delisting Reasons
"Until When Exactly?" Stock That Has Frustrated Small Shareholders

Trading of Point Mobile resumed after 757 days. On the first day of resumption, the stock is down by double digits on the 24th.

As of 9:26 AM on the 24th, Point Mobile is trading at 10,330 KRW, down 10.17% compared to the previous trading day. The last trading day for Point Mobile was March 29, 2022, when the closing price was 11,584 KRW.

Trading of Point Mobile was suspended after March 29, 2022. This was due to a "qualified" audit opinion caused by a scope limitation on the auditor’s review of the 2021 fiscal year financial statements, which triggered delisting reasons. Since then, the delisting reasons were not resolved, and the company was not delisted, resulting in a trading suspension for over two years. Trading resumed on the 24th following the exchange’s decision to "maintain listing" on the 23rd.

Founded in 2006, Point Mobile is a company that develops, manufactures, and sells industrial personal handheld information terminals (Rugged Handheld Computers or PDAs). It gained attention through a supply contract with Amazon. The company entered the KOSDAQ market in December 2020. However, it faced the risk of delisting after receiving a "qualified opinion" from an accounting firm, stating that "sufficient and appropriate audit evidence was not obtained to assess the appropriateness of revenue recognition for the company’s warranty service sales and the impairment evaluation and accounting treatment of development costs." Over the past two years, minority shareholders have expressed dissatisfaction, asking, "When will trading resume?" and "What exactly is the company doing?"