Kumyang, opposing the delisting decision by the Korea Exchange (KRX), appealed to the court for a chance. However, the exchange said the likelihood that Kumyang will undergo a re-audit is slim.
According to legal sources on the 24th, the Civil Agreement Division 51 of the Seoul Southern District Court (Presiding Judge Kwon Seong-su, senior presiding judge) held a hearing that day on Kumyang's request for an injunction to suspend the effect of the delisting decision against the Korea Exchange (KRX).
On the 20th of last month, the exchange decided to delist Kumyang on the grounds that, following the 2024 fiscal year, it also received a "disclaimer of opinion" from its external auditor in the 2025 fiscal year audit report. Kumyang filed for an injunction the next day to suspend the effect of the delisting decision.
Kumyang argued that it could receive an "unqualified" audit opinion from its accounting firm if it secures funding. Kumyang said, "Talks on attracting investment with multiple investment firms are making progress," adding, "The accounting firm also gave a verbal commitment to issue an unqualified opinion once funding is secured."
It added, "If delisted now, losses for 240,000 shareholders will be finalized and cannot be reversed," and "We will do our best to obtain an unqualified opinion through a re-audit and to have trading resume."
However, the exchange said, "Even though a one-year improvement period was granted (to Kumyang), a re-audit contract for the 2025 fiscal year financial statements has not been executed," adding, "The possibility that Kumyang will receive an unqualified opinion in a re-audit is also very slim."
The court granted both sides two months to submit materials.