[Alpha Biz= Paul Lee] Seoul, South Korea — July 8, 2025 — SOCAR Inc. has been designated an “Inaccurate Disclosure Entity” by the Korea Exchange (KRX) following its decision to cancel a previously announced merger. The company disclosed the designation in a regulatory filing on July 8.
As a result, the KRX has imposed a penalty of KRW 8 million (approximately USD 5,800) on SOCAR for violating disclosure obligations. The designation comes under KRX rules for listed companies that fail to meet disclosure requirements or provide insufficient or misleading disclosures, serving as a warning to the market.
The penalty follows the company’s earlier notice on June 20 that it could be subject to sanctions. After deliberation by the Disclosure Committee of the KRX’s KOSPI Market Division, the designation and associated penalties were finalized.
On April 14, SOCAR’s board of directors had approved a merger with personal mobility firm Nine2One. However, on June 17, SOCAR announced the termination of the deal, citing rapid changes in the personal mobility market and the need to reevaluate Nine2One’s operational direction. The company stated that the merger agreement had been nullified and all related procedures were halted.
SOCAR emphasized that the decision was made after comprehensive consideration of market conditions and strategic alignment, but the initial announcement and subsequent withdrawal led to the current regulatory action.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
