Exchange: "Liquidation Trading for Newintech, Hyungji Global Suspended"
Companies Facing Delisting Over "Penny Stock" Status Seek Injunctions to Suspend Decisions
The Korea Exchange said on October 23 that Newintech and Hyungji Global, both listed on KOSDAQ, had filed for injunctions with the Seoul Southern District Court seeking to suspend the effect of their delisting decisions over failure to meet the minimum share price requirement.
The exchange said, "Following the injunction applications, liquidation trading for the companies will be suspended to protect investors until circumstances change, such as a court ruling." It added, "We plan to fully present our case in the injunction lawsuits."
The exchange also said that under the delisting system for companies that fail to meet the minimum share price requirement, it would proceed with delisting decisions but suspend liquidation trading for the delisted companies until circumstances change, such as a court ruling.
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The exchange announced the previous day that it had decided to delist five KOSDAQ-listed companies—TKG Aikang, Newintech, Hyungji Global, Barunson E&A, and i-Scream Edu—after they remained "penny stocks" (with share prices below 1,000 won) for an extended period. This was the first case in which a company was ordered delisted for failing to meet the minimum share price requirement since the delisting criteria were tightened in July.
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