Access Bio, a corporation specializing in in-vitro diagnostic products, is facing delisting due to its quarterly revenue falling below 300 million won. With Access Bio's stocks becoming non-tradeable until a decision is reached on whether they meet listing eligibility requirements, minority shareholders are quickly gathering shares and considering response measures.
According to the Korea Exchange on the 19th, Access Bio's stocks have been halted from trading in the KOSDAQ market since the previous day. This is because Access Bio's revenue for the second quarter (April to June) was reported as 187 million won on a standalone basis. With a monthly revenue of 60 million won, it also falls short of the annual revenue threshold of 3 billion won (250 million won monthly) recently presented by the government for small business owners eligible to use the 'people's livelihood recovery consumption coupons.'
According to KOSDAQ market listing regulations, if the quarterly revenue falls below 300 million won, it corresponds to the delisting eligibility substantial review reason of 'main business suspension.'
The Korea Exchange plans to decide by September 5 whether Access Bio will undergo substantial review. If designated for substantial review, Access Bio must submit a plan for improvement, on which the Corporate Review Committee will base its examination before deciding on the delisting. Even if a decision to delist is made, Access Bio can file an objection with the KOSDAQ Market Committee for a re-evaluation.
The last instance of a KOSDAQ-listed company being delisted for not meeting revenue criteria occurred in April 2009 with InnoBlue. At that time, the issue was that it had fallen short of the annual revenue of 3 billion won for two consecutive years and was in a complete capital impairment situation.
The market views that since there has never been a case of delisting based solely on a single quarterly revenue, if Access Bio effectively explains its management performance improvement plans, it may be granted a grace period (up to 1 year and 6 months).
The problem is that even if trading of Access Bio stocks resumes, the stock price may further decline due to this performance shock. The average purchase price for 5,748 investors who bought Access Bio stocks through NH Investment & Securities is 21,422 won. The average valuation loss rate based on the closing price of 5,260 won before the transaction halt is 65.46%. Furthermore, the proportion of investors in the valuation loss range exceeds 99%.
Access Bio, established in 2002 in New Jersey, USA, develops, manufactures, and sells diagnostic kits for diseases such as malaria, influenza, and COVID-19. Its flagship product is the COVID-19 diagnostic kit. During the COVID pandemic in 2020, demand surged, and Access Bio's stock price even exceeded 60,000 won, but it has continuously trended downward since entering the endemic phase.
Some shareholders have even raised the possibility of 'intentional delisting' regardless of the stock price, as Access Bio's quarterly revenue remained at the 10 billion won level until the first quarter (January to March) of this year.
Minority shareholders are gathering equity. As of 10:30 a.m. today, 797 Access Bio shareholders have amassed approximately 3.95 million shares on the shareholder action platform 'Act,' representing an equity ratio of 10.47%. Currently, as the representative for shareholders is vacant, there are calls to accumulate more equity to secure management rights or even to request corporate dissolution through the courts.