1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. The parties concerned are companies that perform the business of opening and operating the securities market, the KOSDAQ market, etc., and the Plaintiff is a company that runs overseas resources development business, etc. and is listed on the KOSDAQ market operated by the Defendant and subject to the decision of delisting by the Defendant as mentioned thereafter.

B. Article 38 of the Listing Regulations lists the reasons why the Defendant may make a decision of delisting on the securities of a company listed on the KOSDAQ (hereinafter “Listing Regulations”), among which, in the event a reason for delisting prescribed in paragraph (2) occurs, the Committee for Deliberation on the Enterprise of the KOSDAQ (hereinafter “Committee for Deliberation on the Enterprise of the KOSDAQ”).

) It provides that a decision of delisting shall be made through a substantive examination of listing eligibility (in the event of a reason for delisting prescribed in paragraph 1, it shall be possible to delisting as a matter of course without undergoing a separate review by the Corporate Review Committee.

(2) Of the grounds for commencement of the substantive examination of listing eligibility under Article 38(2) of the Listing Regulations, where the suspicion of embezzlement and breach of trust of the size prescribed by the Listing Regulations has been confirmed through public disclosure, etc. (Article 38(2) of the Listing Regulations, and where the occurrence of damage and loss in the size prescribed by the Detailed Regulations on claims other than sales claims has been verified through public disclosure, etc. (Article 38(5)(f) of the Listing Regulations, where it is deemed necessary to delisting by comprehensively taking into account the continuity of the company, transparency in its management, and soundness of the KOSDAQ, etc. (Article 38(2) of the Listing Regulations, detailed delisting procedures applicable to the following cases:

Determination of delisting after the substantive examination of listing eligibility of the Corporate Review Committee;

(Article 38 (2) of the Listing Regulations).