Delisting GLOBAL PREMIER EXCHANGE

• Failure to submit the annual business report within the statutory deadline (90 days after the end of the fiscal year).
• Failure to submit the semi-annual or quarterly report within the statutory deadline (45 days after the end of the respective period).

• Failure to submit the annual business report within 10 days from the statutory deadline after being designated as an administrative issue for non-submission.
• Failure to submit an annual, semi-annual, or quarterly report after being designated as an administrative issue for the non-submission of a semi-annual or quarterly report.

• When the audit opinion on audit reports (including consolidated audit reports) is a "qualified opinion" due to limitations on the scope of the audit.
• When the review opinion on the semi-annual review report is an "adverse opinion" or a "disclaimer of opinion."

• When the audit opinion on the most recent fiscal year's audit report (including a consolidated audit report) is an "adverse opinion" or a "disclaimer of opinion."
• When the audit opinion is a "qualified opinion" due to limitations on the scope of the audit for two consecutive fiscal years.

• When the capital impairment ratio is 50% or more at the end of the most recent fiscal year.

• Impairment of the entire capital at the end of the most recent fiscal year.
• When the capital impairment ratio is 50% or more for two consecutive fiscal years (Subject to Listing Maintenance Review).
• Impairment of the entire capital at the end of the most recent half-year (Subject to Listing Maintenance Review).

• When the number of general shareholders is less than 200 based on the most recent fiscal year's report, or
• When the shareholding ratio of general shareholders is less than 5% based on the most recent fiscal year's report. However, this shall not apply if the total number of shares is 2 million or more.

• When the number of general shareholders is less than 200 for two consecutive years.
• When the shareholding ratio of general shareholders is less than 5% for two consecutive years. However, this shall not apply if the total number of shares is 2 million or more.

• When the average monthly trading volume for a half-year is less than 1% of the free float as of the end of that half-year.

• When the average monthly trading volume is less than 1% of the free float for two consecutive half-years.

• When the number of outside directors is less than 1/4 of the total board members (For corporations with total assets of KRW 2 trillion or more: failure to meet the requirement of at least three outside directors or a majority of the board).
• Failure to establish an audit committee, or when outside directors constitute less than 2/3 of the audit committee members (Applicable only to corporations with total assets of KRW 2 trillion or more).

• Failure to meet the minimum number of outside directors or establish an audit committee for two consecutive years.

• When accumulated penalty points for disclosure violations are 10 or more within the most recent one-year period.
• Serious and intentional violations of disclosure obligations.

• Less than KRW 30 billion at the end of the most recent fiscal year. For holding companies, the figure is based on consolidated sales.

주의Not applicable if the average market capitalization for the most recent fiscal year is KRW 100 billion or more (Effective from 2027 onwards).

주의However, until 2028, the following thresholds apply based on the submission date of an audit report with an unqualified opinion:

• Less than KRW 30 billion for two consecutive fiscal years. For holding companies, the figure is based on consolidated sales. (Subject to Listing Maintenance Review).

주의Designation as an administrative issue is lifted if the average market capitalization for the most recent fiscal year is KRW 100 billion or more (Effective from 2027 onwards).

주의However, if designated as an administrative issue based on the thresholds table on the left, failure to meet the same sales amount in the following year will be deemed grounds for Listing Maintenance Review.

• When market capitalization drops below KRW 50 billion and remains so for 30 consecutive trading days.

• Failure to maintain a market capitalization of KRW 50 billion or more for "45 consecutive trading days" within 90 trading days after being designated as an administrative issue.
주의However, until 2026, the thresholds table on the left applies when determining a daily market capitalization shortfall.

• When the stock price drops below KRW 1,000 and remains so for 30 consecutive trading days.

• Failure to maintain a stock price of KRW 1,000 or more for "45 consecutive trading days" within 90 trading days after being designated as an administrative issue.

• Filing for the commencement of rehabilitation procedures.

• Dismissal, cancellation, or disapproval of rehabilitation procedures.
• When eligibility is no longer recognized as a listed company due to a lack of corporate continuity or other related factors.

• Filing for bankruptcy.

• A court's declaration of bankruptcy.

• Final default or suspension of banking transactions.
• Occurrence of grounds for dissolution under the law.
• Restrictions on stock transfers.
• When the corporation becomes a wholly-owned subsidiary of a holding company, and the shares of the holding company are newly listed.
• Violation of backdoor listing requirements during the process.

• When primary business operations are suspended with quarterly sales of less than KRW 500 million.
• When false statements or material omissions in documents submitted regarding the listing or delisting of shares are deemed critical for investor protection.
• When delisting is deemed necessary upon a comprehensive assessment of corporate continuity, management transparency, public interest, investor protection, and other relevant matters.
  It specifically includes cases where: