Kumyang, a secondary battery-related company facing the risk of delisting, held its regular shareholders' meeting on the 31st in a gloomy atmosphere.
The 71st regular shareholders' meeting, which began in the morning at a conference room on the 9th floor of Kumyang's headquarters in Sasang-gu, Busan, was packed with about 100 shareholders from across the country.
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However, some shareholders objected to the re-election of director Jang Ho-chul, saying "shareholders are dying but Director Jang got promoted and is someone who doesn't communicate with shareholders." During this process, shareholders with differing opinions briefly engaged in heated exchanges with each other.
The shareholders' meeting, which started at 10 a.m., ended in 42 minutes, but Kumyang held an investment recruitment briefing and a question-and-answer session with shareholders following the meeting, with the entire event extending well past noon.
Kumyang faces the risk of delisting after receiving a "disclaimer of audit opinion" from an external auditor in last year's audit report, following 2024.
Since Kumyang was given an improvement period until April 14, it must submit a report on the implementation of improvement plans by April 23.
The Korea Exchange will then hold a listing committee meeting by May 26 to decide whether Kumyang will be delisted.
Kumyang announced that it would attract 405 billion won in investment from SKAEEB, an investment company headquartered in Saudi Arabia, through third-party allotment paid-in capital increase, but has postponed the investment payment date seven times until now with no word.
Kumyang explained to shareholders on the day that it is continuing to persuade SKAEEB and is in talks with more than five domestic and foreign companies regarding investment.
Chairman Ryu stated, "We are doing our best to secure capital and prevent delisting," adding "If the exchange decides to delist, we will actively respond by filing a motion for provisional disposition to suspend the effect in court."
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Hmm... upon checking, it's an old company.
