Revived Gammanu Soars 20 Times on First Day of Trading Resumption

On the morning of the 18th, the price rose to 7,870 won during trading... Closing price on the last day of orderly liquidation: 408 won

Gamanu CI

[Asia Economy Reporter Geum Boryeong] As the KOSDAQ company Gamma, which was revived by the reversal of the delisting decision, resumed trading on the 18th, its stock price soared to about 20 times that of the last trading day.

According to the Korea Exchange on the 18th, Gamma's stock price recorded 7,290 won as of 9:45 a.m. that day. The highest price was 7,870 won. Considering that the price on the last day of the orderly sale was 408 won, the stock price became 19.3 times when compared to the highest price.

On that day, Gamma opened the market at 6,100 won. The KOSDAQ Market Headquarters of the Exchange announced Gamma's evaluation price as 6,170 won on the 14th. The highest bid price was 12,350 won (200% of the evaluation price), and the lowest bid price was 3,085 won (50% of the evaluation price). Within this range, bids were accepted from 8:30 a.m. to 9:00 a.m., and the initial price determined by a single-price trading method was 6,100 won.

The evaluation price of 6,170 won announced by the Exchange is Gamma's closing price on March 22, 2018. At that time, Gamma disclosed that it had received a disclaimer of opinion from Samil Accounting Corporation, which conducted the audit, through its audit report. Accordingly, the Exchange immediately suspended trading of Gamma's stock, citing it as a cause for delisting under Article 38 of the KOSDAQ Market Listing Regulations.

In September 2018, the Exchange made a delisting decision on Gamma. On September 28, the same month when the orderly sale procedure began, the stock price plunged to 426 won, and on October 5, the last day of the orderly sale, it closed at 408 won. Trading was suspended until the 13th, when Gamma finally won in the Supreme Court.

An official from the Exchange explained, "Since the court invalidated the orderly sale, it is reasonable to consider the prices formed during the orderly sale as invalid as well, so the evaluation price was set at 6,170 won," adding, "We respected the court's opinion."

Unlike those who made profits by buying on the last day of the orderly sale and when trading resumed, Gamma shareholders who sold their stocks at low prices during the orderly sale period are preparing a damages lawsuit against the Exchange. They are currently capturing and collecting evidence of the screens showing sales during the orderly sale.

This content was produced with the assistance of AI translation services.