| Article 12-2 |
An issuer may apply to cancel the non-outstanding issuance units when 1 month has elapsed after the initial listing of its call (put) warrants, but the remaining issuance units after cancellation may not be less than 10 percent of the total number of issuance units of the initial issue.
With respect to call (put) warrants for which the underlying securities are domestic stocks or Taiwan depositary receipts (TDRs), under the circumstances that the total number of shares of the underlying security represented by the issuance units of the call (put) warrants reaches 20 percent or more of the total number of outstanding shares of the issuing company after deduction of all types of shareholdings set out in Article 11, subparagraph 3, or 20 percent or more of the listed units of TDRs, if, within 2 months before the expiration date of the warrants, the outstanding issuance units constitute less than 5 or 10 percent respectively of the actual total number of issuance units, the issuer shall, within 2 business days from the next business day following the date of the event's occurrence, apply for cancellation of issuance units of the warrants to the extent necessary until the outstanding issuance units constitute 20 percent or 30 percent respectively of the actual total number of issuance units. This provision does not apply, however, to warrants that are issued by an issuer pursuant to the rules governing ratings of issuers of call (put) warrants, or extendable callable bull contracts or extendable callable bear contracts.
The "actual total number of issuance units" referred to in the preceding paragraph shall be calculated pursuant to Article 9, paragraph 2.
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