Chungho ICT, a listed company on the securities market, fell more than 90% in early trading on the 16th, the first day of the liquidation trading, ahead of its delisting on the 27th.
As of 9:16 a.m. that day, Chungho ICT was trading at 195 won, down 2,295 won (92.17%) from the previous trading day.
Chungho ICT, a manufacturer of automated teller machines (ATMs), entered a liquidation trading period starting from that day until the 26th, ahead of its delisting on the 27th of this month. Earlier, on the 12th, the Korea Exchange noted that it decided to delist Chungho ICT after considering its business continuity, management transparency, and other public interest and investor protection.
Chungho ICT, which was listed in 1990, faced the grounds for delisting due to a 4 billion won embezzlement case involving its then-CEO in April 2021.
The exchange decided to delist the company on Sept. 26 last year, but the related process was suspended when Chungho ICT filed for a provisional disposition to suspend the effect of the delisting decision at the Seoul Southern District Court. However, the court rejected this on the 12th.