Nine corporations that knocked on the door of the Korea Exchange have given up on going public this month. This is interpreted as an influence of the Korea Exchange's strict standards for companies preparing for initial public offerings.
According to the Korea Exchange on the 27th, nine corporations, including DB Finance Special Purpose Acquisition Company No. 14, AIMMO, ARRNN, Vision Science, REMEDI, Youngkwang YKMC, Merlot Lab, REDNVIA, and AmtixBio, have voluntarily withdrawn their preliminary listing reviews this month.
Of the nine corporations withdrawing, seven have yet to generate profits. The autonomous driving solution corporation AIMMO reported a net loss of 35.6 billion won, while the cardiovascular drug developer REDNVIA reported a net loss of 16.9 billion won.
AmtixBio, which withdrew its preliminary review for an antifungal innovative drug development that was submitted at the end of July last year, reported a revenue of 14 million won. Merlot Lab, which applied for a preliminary review in September, reported a revenue of 2.7 billion won.
The Korea Exchange recently decided to raise the delisting criteria for the securities market from 5 billion won to less than 30 billion won, and for KOSDAQ from 3 billion won to less than 10 billion won. Many of the corporations that withdrew their listings this month do not meet these criteria.