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[Alpha Biz=(Chicago) Reporter Paul Lee] The KOSDAQ listing of cloud virtualization company Tilon has been canceled.
Tilon announced on the 20th that it will submit a withdrawal report to the Financial Supervisory Service and suspend the KOSDAQ listing process.
Tilon said, "We decided to withdraw the public offering considering the market situation and the public offering schedule."
Tilon corrected the securities report twice after receiving the first correction request from the FSS in March, but once again corrected the securities report after receiving another request for correction in June. On the 17th, I was asked for a third correction.
Tilon explained that although it tried to secure market objectivity and improve investor understanding through three revisions, it decided to withdraw it as it became difficult to list within the period during which the exchange's listing preliminary hearing was maintained due to a request for correction.
Tilon, whose listing has been thwarted, plans to re-promote the listing at an appropriate time by focusing on strengthening its internal stability.
Tilon CEO Choi Baek-joon resigned from his post on the same day.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
