[Special Stock] Xenofocus Plummets 15% Intraday Amid Denial of Harim Acquisition Rumors
![[Special Stock] Xenofocus Plummets 15% Intraday Amid Denial of Harim Acquisition Rumors](http://www.asiae.co.kr/news/img_view.htm?img=2019101413491722969_1571028557.jpg)
[Asia Economy Reporter Ji Yeon-jin] Genofocus is denying rumors of being acquired by Harim, causing its stock price to plummet on the 10th.
As of 9:10 AM that day, Genofocus was trading at 6,560 KRW on the KOSDAQ market, down 16.01% (1,250 KRW) compared to the previous trading day.
The previous day, shares surged 22% after reports emerged that chicken company Harim was pursuing the acquisition of Genofocus to enter the bio new business sector, but the stock price fell after the denial.
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After the market closed the previous day, Genofocus announced, "We are continuously reviewing various strategic measures to strengthen business competitiveness and enhance corporate value, but we inform you that the related article is not true." Harim Holdings also denied the report through a disclosure, stating, "The report on pursuing the acquisition of Genofocus is not true."
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