Exchange, Innowise 'Cause for Delisting Occurred'

[Asia Economy Reporter Oh Ju-yeon] The KOSDAQ Market Headquarters of the Korea Exchange announced on the 31st that a cause for delisting has occurred in relation to the audit report submitted by InnoWise.

The KOSDAQ Market Headquarters stated, "Regarding InnoWise, the auditor's opinion on the financial statements for the 2019 fiscal year was a 'disclaimer of opinion' due to scope limitation, which resulted in a cause for delisting and a remediation period was granted until April 12, 2021. Separately, in the disclosure of 'submission of audit report' on March 31, 2021, it was announced that the auditor's opinion on the financial statements for the 2020 fiscal year was a 'disclaimer of opinion' due to scope limitation and uncertainty about the company's ability to continue as a going concern."

It added, "This cause corresponds to a delisting reason under Article 38 of the KOSDAQ Market Listing Regulations. In this regard, the company may file an objection within 15 days from the date it receives the delisting notification. If an objection is filed, it will be reviewed and resolved together with the 2019 fiscal year audit opinion delisting cause in accordance with Article 33-4 of the Enforcement Rules of the KOSDAQ Market Listing Regulations."

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