Shinrajen Overcomes Delisting Crisis, "Diligently Implementing Improvement Tasks... Will Achieve Trading Resumption"

Unusual 6-Month Improvement Period Granted
Including R&D Workforce Expansion Tasks

[Asia Economy Reporter Lee Gwan-joo] ShillaJen, which overcame the risk of delisting, has expressed its intention to resume trading through the sincere implementation of improvement tasks. Since the improvement period, which is usually granted for one year, was unusually given for only six months, there is a prospect that the tasks assigned are achievable within a short period.

According to the industry on the 21st, Jang Dong-taek, CEO of ShillaJen, stated in a press release on the 18th, “We will sincerely carry out the company’s improvement tasks during the improvement period to achieve the resumption of trading.” CEO Jang added, “Currently, our company is fully committed to the main research of Pexa-Vec and the development of the new oncolytic virus platform SJ-600,” and “We will do our best to enhance corporate value.”

Earlier, the Korea Exchange KOSDAQ Market Committee reviewed the delisting of ShillaJen and decided to grant a six-month improvement period. Accordingly, the trading suspension period is expected to continue until the end of August. ShillaJen must submit a report on the implementation of the improvement plan and an expert verification report on the results of the improvement plan within 15 business days from the improvement period end date of August 18. The final decision on ShillaJen’s delisting will be made by the KOSDAQ Market Committee on September 15.

The industry has anticipated that the main reasons for ShillaJen’s delisting have been resolved and that granting an improvement period is likely. In particular, the six-month improvement period is considered unusual. Previously, other companies granted an improvement period by the KOSDAQ Market Committee were given a minimum of one year. Therefore, the prevailing view is that the improvements required by the exchange can be resolved in a relatively short time. Although specific improvement tasks have not been confirmed, it is known that expanding research and development (R&D) personnel is included. This is regarded as a positive signal for maintaining the listing.

An industry official said, “The fact that a six-month improvement period was granted means that additional improvement items are not significant,” and “It can be seen that the company was assigned tasks that it can basically resolve.”

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