Sam Chun Dang Pharm has been put on the agenda of the disclosure committee of the KOSDAQ market at the Korea Exchange (KRX) over a disclosure violation. The exchange will decide by the 23rd whether to designate Sam Chun Dang Pharm as an unfaithful discloser and, after deliberation, determine the level of sanctions.
On the 16th, the Korea Exchange (KRX) said it plans to deliberate at a disclosure committee made up of outside experts, considering Sam Chun Dang Pharm's motive for the disclosure violation and the significance of the violation.
Earlier, the exchange had issued a preliminary notice on the 31st of last month to designate Sam Chun Dang Pharm as an unfaithful discloser for failing to make a required filing. The exchange judged that on Feb. 6, Sam Chun Dang Pharm distributed only a press release on business results and the like without making a proper disclosure.
The deadline to decide whether to designate the company as an unfaithful discloser is the 23rd. Fortunately for Sam Chun Dang Pharm, its cumulative penalty points over the past year are zero, so even if it is ultimately designated as an unfaithful discloser, trading will not be suspended.
An exchange official said, "Whether to designate the company as an unfaithful discloser and the level of sanctions will be decided after deliberation by the relevant disclosure committee," and added, "Nothing has been decided yet."