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 carry out the business of opening 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 spatho, and whose shares are listed on the KOSDAQ market operated by the defendant, and is subject to a decision of delisting as to its share certificates by the defendant.

B. Relevant provisions of the Regulations on Listing of the KOSDAQ market (hereinafter “Listing Regulations”) and the Regulations on Listing of the KOSDAQ market (hereinafter “Enforcement Regulations”) and the Regulations on Listing of the KOSDAQ market are as listed in the attached Table.

1) 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 KOSDAQ, among which paragraph 1 is required to abolish the listing, and Paragraph 2 is called the "Committee for Corporate Review on KOSDAQ" (hereinafter referred to as the "Business Review Committee").

(2) Article 38(2) of the Listing Regulations provides that “The grounds for commencing the listing eligibility under Article 38(2) of the Listing Regulations are as follows: (a) where the suspicion of embezzlement and breach of trust of the size prescribed by the listing rule is confirmed through public disclosure, etc.; and (b) where delisting is deemed necessary by comprehensively taking into account the company’s continuity, transparency in its management, and soundness in the KOSDAQ market, etc. (Article 33(11)2 of the Enforcement Rule provides that “The scope of embezzlement and breach of trust, which are the grounds for commencing the listing eligibility, shall be 3/100 of equity capital in the case of an executive”, or where the amount of embezzlement and breach of trust is at least one billion won.

3. Detailed delisting applied when reasons prescribed in Article 38 (2) of the Listing Regulations arise.