Samchuly Bicycle shares are surging early on the 20th. The move appears to follow news that the company has averted the risk of delisting.
As of 9:17 a.m., Samchuly Bicycle shares were trading at 5,080 won, up 14.80% (655 won) from the previous session.
Korea Exchange (KRX) said it decided to maintain Samchuly Bicycle's listing after deliberation and resolution by the corporate review committee on the 17th. Trading in Samchuly Bicycle resumed that day.
Earlier, Samchuly Bicycle halted share trading on Jan. 12 after allegations of embezzlement and breach of trust by management emerged. Chair Kim Seok-hwan, the owner, was indicted on charges of embezzlement and breach of trust totaling about 1.3 billion won.
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