Good People Files for Rehabilitation Proceedings... Also Submits Appeal Against Delisting

[Asia Economy Reporter Myunghwan Lee] Good People has filed for the commencement of rehabilitation proceedings and an objection to delisting simultaneously.

Good People announced on the 12th that they applied to the Seoul Bankruptcy Court for the commencement of rehabilitation proceedings to normalize management and preserve value as a going concern.

On the same day, the Korea Exchange KOSDAQ Market Headquarters notified Good People that "due to a disclaimer of opinion, there is a cause for delisting, and if there is an objection to the delisting cause, it will be reviewed and resolved together with the delisting cause of the 2020 fiscal year's audit opinion," and that (Good People) submitted an objection letter pursuant to Article 60 of the KOSDAQ Market Listing Regulation Enforcement Rules," as announced on the 12th.

The KOSDAQ Market Headquarters will hold a corporate review committee meeting within 20 business days from the date of document submission to review and resolve whether to delist, and will notify the delisting decision within 3 business days from the date of review and resolution.

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