CancerRop said Monday that the company is no longer at risk of having its stock delisted from the Kosdaq market.
The developer of molecular diagnostic sequencing immunotherapy said in a public filing that it received “unqualified opinion” as a result of re-auditing the 2018 financial statements – meaning the company’s financial statements were fairly and appropriately presented.
According to the revised public disclosure, CancerRop posted 5.3 billion won ($4.18 million) sales and 8 billion won operating loss in 2018.
The clean audit results removed the company of the delisting risk.
In March last year, the company received a “disclaimer of opinion,” which caused the financial regulator to review delisting.
However, the Korea Exchange (KRX) granted the company a grace period to improve its business. CancerRop replaced the CEO and focused on getting a re-audit. At the time, the company said getting a disclaimer of opinion resulted from applying different accounting standards, which was irrelevant to its business progress.
With the grace period ending on April 9, the company will receive notice from the KRX whether it will be on a review for listing eligibility on that day, the company said in a news release.