In early trading on the 29th, ROKIT Healthcare(376900) is plunging 20%. The selling appears to be continuing on news that the plan to list on the U.S. Nasdaq was voluntarily withdrawn.
As of 9:25 a.m. that day, ROKIT Healthcare is trading on the KOSDAQ market at 31,100 won, down 8,050 won (20.56%) from the previous session.
ROKIT Healthcare disclosed the previous day that its subsidiary, the U.S. entity ROKITAMERICA,INC., voluntarily withdrew its application to list on the U.S. Nasdaq Global Market.
The reason for the withdrawal is the expected free float ratio after listing. The company said, "Reflecting Nasdaq's view that with the free float ratio expected to remain around 10% after listing, share-price volatility could become excessively high, we halted the listing process."
The company plans to resume the listing after preparing measures to increase the free float ratio. The company also disclosed that this voluntary withdrawal does not restrict a future reapplication for a Nasdaq listing.