The KOSDAQ market division of Korea Exchange (KRX), South Korea's bourse operator, announced on Aug. 26 that its corporate review board has tentatively decided to delist Kolon TissueGene Inc., an affiliate of Kolon Life Science, as it submitted a false document when it was listed two years ago.
However, this does not immediately remove the company from the stock exchange. The final say lies with the KOSDAQ Market Committee, which will soon convene to deliberate on the matter and make a decision.
Moreover, one more meeting of deliberation will take place if the company raises an objection to a delisting decision. Accordingly, it can take up to two years for the company to be completely delisted from the stock exchange.
KRX decided on July 5 to review whether Kolon TissueGene is eligible for listing on the stock market. This was largely due to the company’s mislabeling and false reporting regarding the gene therapy Invossa.