LGD halts trading due to board vacancy, Q2 report pending

LGD, a major panel manufacturer, will suspend trading of its shares starting August 19. The company announced it is unable to convene a board meeting to approve its second-quarter financial report due to a significant reduction in board members. Currently, only one director remains, making it impossible to meet the legal quorum required for board operations.

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Due to recent changes in shareholding and management, only one director remains, making it impossible to legally convene a board meeting to approve the Q2 consolidated financial report for fiscal year 115.

The company stated that the inability to file its financial report on time is solely due to the changes in the board's composition. LGD emphasized that its daily operations, finances, and various business activities are proceeding normally, with no impact on its interactions with customers, suppliers, or financial institutions. There has been no interruption in operations or financial activities.

To resolve the board's operational standstill and facilitate the resumption of trading, LGD plans to convene an extraordinary shareholders' meeting on August 24. During this meeting, a complete re-election of the board of directors will take place. Following the formation of the new board, an immediate extraordinary board meeting will be called to review and approve the second-quarter financial report, ensuring compliance with corporate governance standards and safeguarding shareholder interests.

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The company's daily operations, finances, and various business activities are proceeding normally, and interactions with customers, suppliers, and financial institutions have not been affected.

LGD's stock price fell to its limit on August 17, closing at 15.10 yuan with a trading volume of 2,498 shares. The company is working to expedite the process of appointing a new board and filing its financial statements to minimize disruption to its shareholders and the market.

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To resolve the board's operational standstill and allow trading to resume as soon as possible, LGD plans to hold an extraordinary shareholders' meeting on August 24 to fully re-elect the board of directors.