Duoback appoints Jeong Yeong-a as CEO, says it will respond to substantive review of listing eligibility

[Financial News] Duoback has completed the appointment of Jeong Yeong-a as its new CEO and is focusing on responding to the substantive review of its listing eligibility and returning the company to normal operations. On the 26th, Duoback posted an update on its ongoing substantive review of listing eligibility, its response measures and its plans for communicating with shareholders on its website.
Following the sudden death of its late former CEO, Jeong Gwan-yeong, the company appointed inside director Jeong Yeong-a as its new CEO at an extraordinary general meeting of shareholders and a board meeting on the 20th. It had also completed the process of changing the largest shareholder to Jeong and five others.
In a letter to shareholders, CEO Jeong expressed a determination to respond faithfully to the substantive review of listing eligibility and restore shareholder confidence through responsible management and business stabilization. Jeong said, "With advice from an outside specialist law firm, we are responding faithfully to the substantive review process for listing eligibility," and added, "We will promptly disclose matters that could affect investment decisions in accordance with relevant laws and disclosure regulations, and respond to all shareholders according to the same standards."
Duoback has made returning the company to normal operations its top priority and is devoting its full corporate resources to responding to the substantive review, with advice from an outside specialist law firm. Because procedural restrictions limit disclosure of specific details of matters under review, the company plans to provide updates on progress to the extent that information can be made public.
The company also plans to strengthen communication with shareholders. It will transparently disclose matters that could affect investment decisions in accordance with relevant laws and disclosure regulations, and respond to shareholder inquiries according to consistent standards to ensure equitable access to information.
An industry source said, "Following a management vacuum, it is important to demonstrate the stability of the management structure and the feasibility of implementing the improvement plan," adding, "Faithfully responding to the review process while consistently providing shareholders with information that can be made public will form the basis for restoring trust."
Meanwhile, after trading in Duoback shares was suspended on August 20, the Korea Exchange decided on September 9 to extend its investigation period and then, on the 2nd of this month, designated the company for a substantive review of listing eligibility. The company plans to submit a management improvement plan by the 27th. Within 20 business days of receiving the submission, the exchange plans to deliberate and vote through its Corporate Review Committee on whether to delist the company or grant it a period to implement improvements.

[email protected] Choi Doo-seon Reporter