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[Alpha Biz=(Chicago) Reporter Kim Jisun] As Gene One Life Science, a vaccine and biopharmaceutical developer, was asked by the Financial Supervisory Service to correct its third securities report, a red light was turned on to raise funds.
According to the financial investment industry on the 30th, the FSS asked Gene One Life Science to submit a correction report on the securities report submitted for a paid-in capital increase on the 29th. This is the third time since May and June.
The Financial Supervisory Service explained, △ If the securities report is not properly formed as a result of the examination of the securities report, if there is a false description or indication of important matters in the securities report, or if there is no description or indication of important matters in the securities report, △ The description or indication of important matters are unclear, which may undermine the investor's rational investment judgment or cause serious misunderstanding to the investor.
As a result, there is a high possibility that the schedule for general public subscription, which was planned for the 19th to 20th of the same month, will be delayed, such as the subscription of old shareholders scheduled for October 16th to 17th.
If Gene One Life Science fails to submit a correction report within three months after receiving a request to submit a correction report, the paid-in capital increase securities report shall be deemed to have been withdrawn pursuant to Article 122 (6) of the Capital Markets Act.
Analysts say it is unusual for the Financial Supervisory Service to make three requests for correction to individual companies.
Gene One Life Science has posted operating losses for 18 consecutive years from 2004 to last year, but it has been criticized for being overpaid for its performance since 2020 by paying CEO Park Young-keun about 18.6 billion won and executive director Cho Byung-moon about 3.6 billion won as of August, the date for submitting the report.
"This is a rare case, such as paying high remuneration to management even though the company's financial status is poor enough to raise funds through bequests," a Financial Supervisory Service official said. "We asked the company to clearly disclose investment information in order to protect investors."
Meanwhile, Gene One Life Science closed at 4,085 won, down 1.45% from the previous trading day.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
