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SEOUL, Jan. 18 (Yonhap) — South Korea’s stock operator on Tuesday tentatively decided to delist scandal-plagued biotech firm Sillajen from its secondary bourse.
Trading in Sillajen shares on the tech-laden KOSDAQ has been banned since May 2020 after the company’s director and current and former executives were charged with embezzlement and dereliction of duty. .
Following the decision of the Korea Exchange (KRX) corporate review committee, the KOSDAQ market committee will meet within 20 business days to make the final decision on delisting the company.
“With a lack of new drugs in the pipeline and only 100 billion won ($83.9 million) injected since Emtuen became the largest shareholder, it is unclear whether the company can retain its corporate value,” he noted. a KRX official.
In response, Sillajen said he will appeal the decision soon.
After its market debut on December 6, 2016, Sillajen shares once rose to over 150,000 won in late 2017 before falling to the 12,000 won level before the trading ban, below the price IPO of 15,000 won.