 |
Photo = Geumyang Headquarters |
[Alpha Biz= Kim Jisun] Busan-based battery company Geumyang, which is facing potential delisting, continues to encounter setbacks in securing a planned KRW 405 billion investment.
On March 31, Geumyang held a shareholders’ meeting at its headquarters in Sasang-gu, Busan, where it outlined its fundraising plans. The company had previously announced plans to raise KRW 405 billion through a third-party allotment to Skyve Trading & Investment, a Saudi Arabia-based investor. However, the schedule has been repeatedly delayed, and the investment has yet to be finalized.
The payment deadline for the capital increase—postponed seven times—fell on the same day as the meeting, but the funds were not received. The meeting reportedly saw heated exchanges and protests from shareholders, although all agenda items, including the appointment of directors and auditors, were approved as originally proposed.
Geumyang stated that it is also in discussions with five to six additional foreign investors to secure funding.
The company is under pressure after receiving a “disclaimer of opinion” from its external auditor last year, placing it at risk of delisting. It has been granted a remediation period until April 14. If Geumyang submits its improvement plan implementation report by April 23, the Korea Exchange will determine its listing status by May 26.
Despite the deadline, uncertainty remains high as delays in fundraising persist. Geumyang indicated that it may seek a court injunction to suspend the effectiveness of any delisting decision if necessary.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
