XPEC Art Center Inc (XAC, 樂陞美術館), a subsidiary of the troubled XPEC Entertainment Inc (樂陞科技), on Saturday announced that it is to withdraw its share listing application to the Taipei Exchange.
XAC was established in Kaohsiung in July 2013 with paid-in capital of NT$203.5 million (US$6.45 million) and designs artwork for video games, the company said.
This is not the first time XAC retracted its share listing plan. The firm filed an application with the Taipei Exchange in March 2014 and withdrew the application in June that year citing “long-term” strategies.
XAC revived the share listing plan on July 12 and the Taipei Exchange was expected to complete its review of the application before the end of this month.
“The company’s operations will not be affected by the decision to retract the share listing application,” XAC said in a statement.
The company said it will continue its talent cultivation program and focus on art design for games to secure its market share.
It is rumored that XAC withdrew its application out of concerns that its stock price might be affected by XPEC’s recent troubles.
The Financial Supervisory Commission on Friday said it had transferred XPEC’s issuance of three tranches of convertible corporate bonds to the prosecutors over allegations of insider trading and stock speculation, after the Taipei Exchange discovered abnormal activities in XPEC’s distribution of the bonds, local media cited FSC Chairman Ding Kung-wha (丁克華) as saying.
The Taipei Exchange is also to pore over XPEC’s trading records for the past few days due to volatility in the company’s stocks, the Chinese-language Apple Daily reported yesterday.
XPEC reported revenue of NT$205 million for last month, falling 16.3 percent from last year, but increasing mildly by 0.29 percent from the previous month.
Accumulated revenue in the first eight months of this year rose 10.81 percent from last year’s NT$1.25 billion to NT$1.39 billion, the company said in a statement on Saturday.
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