Cosnine’s Injunction Against Delisting Rejected; Liquidation Trading to Begin on the 10th [Disclosure]

[Financial News] The KOSDAQ Market Division of Korea Exchange (KRX) announced on the 8th that it would resume delisting procedures, including liquidation trading, after the application for a preliminary injunction seeking to suspend the effect of Cosnine’s delisting decision was rejected.
Trading in Cosnine’s common shares will resume on the 10th. Liquidation trading will take place over seven trading days from the 10th through the 18th, and the delisting date is set for the 21st.
Seoul Southern District Court rejected all of Cosnine’s applications for a preliminary injunction against KRX, seeking to suspend the effect of the delisting decision and related measures, on the 4th. Cosnine was ordered to bear the litigation costs.
Earlier, the KOSDAQ Market Committee decided on November 28 last year that Cosnine met the criteria for delisting, taking into comprehensive consideration the company’s going-concern status and management transparency. Liquidation trading had been scheduled to take place from December 2 through 10 last year, but was put on hold pending the court’s decision after Cosnine filed for a preliminary injunction on December 1.
[email protected] Duseon Choi Reporter