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Korea Exchange Commission grants 1-year upgrade period to Shillazen
16,694 minority shareholders sighed
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Shillagen, developer of immune chemotherapy drugs(12,100 0.00%)This delisting has escaped the dead end. The exchange gave Shillazen a year of improvement.
According to the Korean Stock Exchange on the 30th, the exchange held a corporate review committee that afternoon and deliberated and decided to give Shillazen a one-year upgrade period.
Shillazen is required to submit a statement of implementation of the improvement plan and an expert confirmation of the result of the implementation of the mooring plan within 7 working days from November 30 of next year, which is the end of the improvement period. The exchange plans to hold a committee within 15 business days from the filing date of the documents to deliberate and decide whether to withdraw from the list.
It seems that the reason Shillazen has escaped the reciprocal currency crisis is that it has been recognized for its technological prowess for the Pexabek pipeline. In 2016 Sillagen was in the red, but in recognition of Pexavec’s technology, KOSDAQ was listed on the market with a special technology list. Sillagen is known to have failed in the clinical trial of pexavec for the treatment of liver cancer, but is said to have emphasized continuing clinical trials for other cancers.
The 170,000 minority shareholders are expected to rot for another year due to Shillazen’s postponement. This is because the transaction was suspended until the final decision to keep or abolish Shillazen. After the upgrade period, the transaction will resume as soon as it is decided to keep the committee, but if it is decided to abolish it, wait for the decision of the KOSDAQ Market Committee. According to the quarterly report for the third quarter, as of July 16, the number of minority shareholders was 16,694 and the proportion of shares owned was 93.44%.
Shillazen said: “I will do my best to resume the transaction within the improvement period” and “I hope that it is possible to ensure financial soundness during the improvement period.” He added: “Because there is a clinical fund for Pexavec, there will be no interruption of the clinical plan.”
Reporter Lee Song-ryul [email protected]
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