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The corporate flag of Kolon Group at the group headquarters in Gwacheon, south of Seoul, on Jan. 6, 2020 (Yonhap) |
South Korea's main bourse on Monday postponed its decision on whether to delist the scandal-ridden drugmaker Kolon TissueGene, Inc. as it needs more time to make a final decision on the company's delisting.
The postponment is expected to provide tech-heavy KOSDAQ-listed Kolon TissueGene a chance to present another turnaround program to the KOSDAQ market committee under the main Korea Exchange (KRX).
The main stock exchange said it will reopen the review meeting, without giving the timeframe.
The postponement came a month after the KRX's earlier assessment that the drugmaker failed to comply with the listing criteria.
Trading of Kolon TissueGene has been suspended since late May last year, as the government revoked its permit to sell Invossa over mislabeling and false reporting of ingredient.
Three months later, the KRX decided to delist the company, unless it submitted plans for improvement.
Last month, the KRX turned down Kolon TissueGene for "insufficient" proposals. The firm repealed the decision, asking for a second reviewing.
Upon the KRX's latest call, Kolon TissueGene now has seven days to submit a new proposal for improvement.
The postponement indicates the KRX's patience for the firm's third-phase clinical test results for Invossa in the United States.
As of its last trading on May 28, Kolon TissueGene's market cap stood at 489.6 billion won, with 34.48 percent stake held by some 65,000 retail investors. (Yonhap)
