Dae Yang Metal, a stainless steel manufacturing company, is experiencing a significant drop in its stock price following news that its bankruptcy petition was dismissed.
As of 10:14 a.m. on September 23, the Korea Exchange reported that Dae Yang Metal's shares had fallen by 188 won (16.62%) to 943 won. Trading volume at that time reached 2.15 million shares.
The sharp decline in Dae Yang Metal's stock is attributed to the dismissal of its bankruptcy petition the previous day. The Korea Exchange's securities market division announced that the petition was dismissed due to the withdrawal of the creditor's application.
Earlier, on September 21, the Korea Exchange had requested clarification regarding rumors of a bankruptcy petition by creditors, leading to a trading halt for Dae Yang Metal at 3:04 p.m. This raised concerns among investors.
Dae Yang Metal has faced ongoing uncertainty regarding its management and governance structure due to a management dispute in recent years. After a protracted conflict with KH Group, the company appointed CEO Jo Sang-jong in December of last year, regaining control from its largest shareholder, Dae Yang Holdings Company.
This year, Dae Yang Metal has also issued convertible bonds, reportedly raising over 10 billion won.
Founded in 1973, Dae Yang Metal was listed on the KOSPI in 1994 and has been operating in the stainless steel manufacturing sector for over 50 years.
As of 10:14 a.m. on September 23, the Korea Exchange reported that Dae Yang Metal's shares had fallen by 188 won (16.62%) to 943 won. Trading volume at that time reached 2.15 million shares.
The sharp decline in Dae Yang Metal's stock is attributed to the dismissal of its bankruptcy petition the previous day. The Korea Exchange's securities market division announced that the petition was dismissed due to the withdrawal of the creditor's application.
Earlier, on September 21, the Korea Exchange had requested clarification regarding rumors of a bankruptcy petition by creditors, leading to a trading halt for Dae Yang Metal at 3:04 p.m. This raised concerns among investors.
Dae Yang Metal has faced ongoing uncertainty regarding its management and governance structure due to a management dispute in recent years. After a protracted conflict with KH Group, the company appointed CEO Jo Sang-jong in December of last year, regaining control from its largest shareholder, Dae Yang Holdings Company.
This year, Dae Yang Metal has also issued convertible bonds, reportedly raising over 10 billion won.
Founded in 1973, Dae Yang Metal was listed on the KOSPI in 1994 and has been operating in the stainless steel manufacturing sector for over 50 years.
* This article has been translated by AI.
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