Samchundang Pharm (000250.KQ) was designated as an unfaithful disclosure corporation on Wednesday for failing to fulfill its disclosure obligations.
According to the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System (DART), the KOSDAQ Market Division of the Korea Exchange (KRX) announced that it had designated Samchundang Pharm as an unfaithful disclosure corporation due to non-compliance with disclosure requirements.
As a result, Samchundang Pharm was assessed 5 penalty points. Its cumulative penalty points over the past year also stood at 5.
Earlier on the 31st of last month, the exchange had issued a preliminary notice of designation as an unfaithful disclosure corporation, citing the company's failure to comply with fair disclosure rules regarding forecasts or projections of business performance. The exchange pointed out that Samchundang Pharm had only distributed a press release on its business performance on February 6 without making a proper regulatory disclosure.
If a company is ultimately designated as an unfaithful disclosure corporation and the penalty points assessed for the case reach 8 or more, trading of its shares may be suspended for one day. In addition, if cumulative penalty points exceed 15, the company may become subject to a "listing eligibility review," which determines whether it is qualified to maintain its listing.
