(Maekyung DB)

Osstem Implant decided to keep listing… Trading resumes from tomorrow

(Maekyung DB)

Osstem Implant, where a large-scale embezzlement incident occurred, will maintain its listing.

The Korea Exchange KOSDAQ Market Headquarters announced on the 27th that it had decided to maintain the listing of Osstem Implant as a result of deliberation by the Corporate Review Committee. Accordingly, from the 28th, Osstem implant trading will resume after about 4 months.

A company review committee (hereafter referred to as the Investigation Committee) was opened to conduct a substantive examination of the listing eligibility of Osstem Implant. The committee discussed on the same day maintaining the listing, maintaining the improvement period, and delisting. According to the substantive examination criteria for eligibility for listing on the KOSDAQ market, the examination items are divided into ▲ business continuity performance (business, financial situation) ▲ management transparency (governance structure, internal control system, disclosure system).

Looking at the detailed evaluation criteria, in terms of business continuity, the sustainability of sales and the possibility of profitability recovery are evaluated. In terms of soundness of financial position, ▲whether or not the financial status is weak ▲whether or not the financial status has deteriorated due to illegal acts of the management ▲the financial condition deteriorated due to the realization of contingent debts.

Regarding whether or not there is any serious damage to the governance structure, we examine whether the largest shareholder and the management are illegal, threaten the safety of management, and seriously damage the internal control system. In terms of whether or not the disclosure system is seriously damaged, the transparency of accounting treatment and the importance, malice, or habit of violating disclosure are deliberated.

Based on these standards, the committee deliberated and decided on whether to resume trading of Osstem Implant on the same day. Among them, he said that he focused on the effect of embezzlement and breach of trust on the company’s financial position, the opacity of accounting processing, and whether the internal control system was damaged.

Previously, the Korea Exchange held a screening committee on the 29th of last month and proceeded to review the Osstem Implant, but could not reach a conclusion. Osstem Implant’s stock price was stopped at 142,700 won (closed price on December 30) as trading was suspended on January 3rd due to a large-scale embezzlement of 221.5 billion won, exceeding its equity capital.

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