Geumyang, Facing Delisting Risk, Granted One-Year Improvement Period

Geumyang, which had faced the risk of delisting due to a disclaimer of opinion from its auditor, has been granted a one-year improvement period.

On May 12, the Korea Exchange announced that it had accepted Geumyang's appeal and granted the company an improvement period until April 14 of next year. The trading suspension will remain in effect until the next decision is made.

Geumyang, a battery manufacturer listed on the KOSPI market, announced a shareholder-allotted paid-in capital increase worth 450 billion KRW in September last year, but withdrew the plan in January this year, resulting in its designation as an unfaithful disclosure entity.

Subsequently, Geumyang submitted its 2024 fiscal year audit report and disclosed that it had received a 'disclaimer of opinion' from its external auditor. In response, the Korea Exchange placed Geumyang under substantive review for possible delisting.

On April 10, Geumyang submitted an appeal against the delisting, and the Korea Exchange convened a Listing Disclosure Committee to review the validity of the appeal and other matters before making this decision.