The filing for preliminary examination of a dispute over controlling shareholder status was not disclosed in the application,
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Seoul Korea Exchange building.,
, ‘The listing approval for cloud service company InnoGrid, scheduled to be listed on the KOSDAQ market next month, has been canceled. InnoGrid will find it difficult to enter the market within the next year.’,
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, ‘The KOSDAQ Market Committee of the Korea Exchange announced on the 19th that it has decided not to recognize the effect of InnoGrid’s listing preliminary examination approval results.’,
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, ‘The exchange explained, “InnoGrid was aware of the dispute over the controlling shareholder status in advance, but did not include it in the listing preliminary examination application.” Therefore, the exchange could not review this matter during the preliminary examination stage.’,
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, ‘According to the KOSDAQ listing regulations, if ‘false statements or significant omissions of important matters in the application form have a significant impact on the listing preliminary examination results,’ the approval of the preliminary examination may not be recognized.’,
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, ‘InnoGrid responded that they did not include this information in the listing preliminary examination application because they did not consider it as ‘important information,’ according to the exchange. With this decision, InnoGrid will not be able to apply for the preliminary examination within the next year.’,
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, ‘Considering the seriousness of causing confusion in the market due to the non-recognition of the effect after the preliminary examination approval, the exchange is planning to extend the period of restriction for applying for the listing preliminary examination in cases of false statements or significant omissions of important matters (1 year → 3-5 years) and review measures to prevent recurrence by revising relevant forms.’,
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