The Technology experienced a significant drop of over 80% on the first day of its trading resumption. This decline is attributed to a surge in sell orders from investors ahead of its impending delisting.
According to the Korea Exchange, as of the afternoon of July 30, The Technology's shares were trading at 205 won, down 935 won (82.02%) from the previous trading day. Trading resumed after a suspension due to the company's delisting process.
The Korea Exchange determined that The Technology met the criteria for delisting based on a comprehensive assessment of the company's sustainability and management transparency. Following this decision, a request by the company to suspend the delisting was rejected, leading to the continuation of the delisting process. Earlier, financial authorities revealed that The Technology had falsely recorded sales and cost of goods sold, treating transactions with little substance or low likelihood of recovery as normal sales. The total amount of false accounting was approximately 4.6 billion won, with about 2.3 billion won in 2021 and 2.1 billion won in 2022.
From today until August 7, The Technology will conduct trading for seven days, with a scheduled delisting from the KOSDAQ market on August 10. This trading period provides investors with a final opportunity to sell their shares before the delisting is finalized. During this time, there are no price limits (±30%), which can lead to significant daily fluctuations in stock prices. Typically, stocks facing delisting see a sharp decline in prices due to concentrated sell orders from investors.
* This article has been translated by AI.
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