Japan Exchange Group Inc.

06/23/2021 | Press release | Distributed by Public on 06/23/2021 01:03

Jun. 23, 2021TSE Designation of Securities Under Supervision (Examination): GOYO INTEX CO., LTD.

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Jun. 23, 2021 TSEDesignation of Securities Under Supervision (Examination): GOYO INTEX CO., LTD.

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TSE has designated an issue as Securities Under Supervision (Examination) as follows.

１．Issue Name GOYO INTEX CO., LTD. stock
(Code: 7519, Market Division: JASDAQ Standard)
２．Period of Designation as Securities Under Supervision (Examination) From Jun. 18, 2021 (Fri.) to the day when TSE determines whether the company has fallen under the delisting criteria
Provision Enforcement Rules for Securities Listing Regulations, Rule 605, Paragraph 1, Item (14)-3
(Due to the Exchange deeming that the company may fall under cases where it deems that the internal management system, etc. of a listed company have not been improved upon reviewing a written confirmation of internal management system submitted by the company (limited to cases where the Exchange deems that there is no possibility of improvement))
３．Reason GOYO INTEX CO., LTD. (hereinafter 'the Company') did not carry out a timely disclosure of the necessity of the submission of an amendment report for the second quarter of the fiscal year ended Mar. 2020 (hereinafter 'the amended quarterly report') during the period until Dec. 5, 2019 when it submitted the amendment quarterly report attached to a legitimate quarterly review report. TSE deemed that improvements to the Company's internal management system were highly necessary and designated the stock of the Company as Securities on Alert on Mar. 12, 2020.

After one (1) year elapsed from the designation, TSE checked the written confirmation of the internal management system submitted by the Company on Mar. 12, 2021. The following facts were revealed:

-Despite having disclosed an improvement plan to prevent recurrence of similar situations on Feb. 19, 2021, the Company had provided false statements about the actual recurrence prevention project and also about coordinating with the accounting auditor, etc., and even after submitting the improvement plan, did not follow it properly .
-There have been incidents where the internal management system, etc. of the Company was deemed as not to have improved. For instance, it made contracts without appropriate approval procedures that did not come from a resolution of the Board of Directors, etc.

In light of the above, if TSE deems that, depending on the results of subsequent examinations, the internal management system, etc. of the Company have not improved and there is no possibility of improvement, the stock of the Company will fall under the delisting criteria. As such, TSE deems that the stock is likely to be delisted and designates such stock as Security Under Supervision (examination).

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Tokyo Stock Exchange, Inc. and/or Japan Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation.

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