Shares of Stark Corporation (STARK) return to trade for a period of one month starting on Thursday for cash accounts, but the suspension (SP) sign will be reposted on the stock from July 1 if the company fails to submit its complete financial statements by that date, says the Stock Exchange of Thailand (SET).
The SET suspended the company from trade on March 1 as the wire and cable manufacturer failed to submit financial statements for 2022 by the deadline. Stark has still not submitted that information, nor its financial statements for the first quarter of this year.
The company informed the SET it expects the reviewed 2022 financial statement, as requested by the Securities and Exchange Commission, to be ready by June 16.
If there are further delays in information disclosure, Stark said it would work to report the data to the SET as soon as possible.
Regarding what the bourse described as "potentially unusual transactions", referring to the use of funds from bond issuance and capital increases by private placement, as well as the special audit Stark requested, the company said it would clarify any additional information once the audit process has been completed.
Stark plans to hold a public presentation on Tuesday to provide information to shareholders, investors and related parties, according to the SET statement.
The SP sign assigned to Stark's stock expires on Tuesday.
In order to allow investors the opportunity to trade the stock prior to a possible renewal of the SP sign, the SET agreed to temporarily allow trade of Stark's securities for one month, from June 1-30.
"Stark's securities must be purchased through a cash balance account, meaning that investors have to pay the full amount in cash prior to making a purchase," said the SET.
The stock will bear the non-compliance (NC) sign during this trading period to alert investors to be careful in trading the equity, said the bourse.
The ceiling and floor prices of Stark's shares on the first trading day, June 1, have been set at no more than 100% of its last trading price.
Stark's securities will be excluded from the calculation of the SET index.
"After the end of the trading period, or from July 1 onwards, the SET will suspend trading of Stark's securities by posting an SP sign until the company submits complete financial statements as required," said the SET.
The bourse recommends shareholders and investors trade Stark's securities "with caution", carefully studying information in Stark's public presentation as well as historical news, financial positions, operating results and auditor's reports.
The SET also suggests looking at materials provided by major shareholders and the board of directors to determine investment risk.
Investors can study more information about Stark on the SET's website.