1. The plaintiff's appeal is dismissed.

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

The purport of the claim and appeal is the purport of the appeal.

1. Basic facts

A. The parties concerned are companies that carry out the business of establishing and operating the securities market, the KOSDAQ market, etc., and the Plaintiff is a company that carries out the business of exploration and development of domestic and overseas resources such as Damond Won, gold, and Sa wave, and whose shares are listed on the KOSDAQ market operated by the Defendant.

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”) pursuant to the KOSDAQ Market Listing Regulations (hereinafter “Listing Regulations”) and the KOSDAQ Market Listing Regulations (hereinafter “Listing Regulations”), Article 38 of the Listing Regulations lists the reasons why the Defendant may take a decision of delisting on the securities of the company listed on the KOSDAQ. Of these, paragraph 1 of the same Article requires the elimination of the listing, and Paragraph 2 of the same Article refers to the Committee for the Deliberation of the

(2) Article 38(2)5(b) of the Listing Regulations provides that “Where the suspicion of embezzlement of the size prescribed by the Enforcement Rule is confirmed through public disclosure, etc. due to the commencement of the substantive examination of listing eligibility, it is deemed necessary to delisting by comprehensively taking into account the continuity of the company, transparency in business management, soundness in the KOSDAQ market, etc.”

Article 33(11)2 of the Enforcement Rule provides, “The scope of embezzlement or breach of trust, which serves as the ground for commencing the substantive examination of qualifications for listing, shall be at least 3/100 of the equity capital, or the amount of embezzlement or breach of trust is at least one billion won.”

3. Detailed delisting procedures applicable to cases where reasons prescribed in Article 38 (2) of the Listing Regulations arise shall be as follows:

The Corporate Review Committee shall de-listing through the substantive review of listing eligibility.