Business Context and Reporting Period
This Form 6-K filing by GRAVITY Co., Ltd. (NasdaqGM: GRVY) covers the month of June 2009, with the report dated June 17, 2009. Gravity is a Korean developer and publisher of online games, best known for its principal product, Ragnarok Online, which is commercially offered in 39 countries and markets including Japan, Taiwan, and Thailand.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and regulatory compliance rather than financial performance.
Material Changes
The primary material change reported is the resolution of a Nasdaq listing deficiency regarding audit committee composition:
- Previous Status: On May 15, 2009, the Company received a Nasdaq Staff Deficiency Letter for failing to comply with Listing Rule 5605(c)(2)(A), which requires an audit committee of at least three independent directors.
- Corrective Action: On June 12, 2009, Mr. Kazuki Morishita resigned from the audit committee, and Mr. Jong Gyu Hwang was appointed to the Board of Directors and the audit committee.
- Current Status: The Company now has an audit committee comprised of three independent directors. On June 12, 2009, Nasdaq issued a Staff Letter confirming the Company has regained compliance and that the matter is closed.
Guidance, Outlook, and Risks
The filing contains no specific financial guidance, management commentary on future operations, or discussion of new risks or contingencies beyond the resolved compliance issue. The document includes standard forward-looking statements disclaimers, noting that such statements speak only as of the date of the press release and are subject to risks and uncertainties.
Investor Verification Checklist
- Verify the current composition of the Board of Directors and Audit Committee to ensure continued compliance with Nasdaq Rule 5605(c)(2)(A).
- Review the Company's most recent Form 20-F or Form 6-K filings for actual financial performance data, as this filing contains none.
- Confirm the independence status of the newly appointed director, Mr. Jong Gyu Hwang, per Nasdaq listing standards.