Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On January 4, 2022, as expected, Magnachip Semiconductor Corporation (the "Company") received a letter from NYSE Regulation indicating that the New York Stock Exchange (the "NYSE") had concluded that the Company failed to hold an annual meeting for the fiscal year ended December 31, 2020 by December 31, 2021, as required by Section 302 of the NYSE Listed Company Manual.

The failure to hold the annual meeting was due to the Company's proposed merger with investment vehicles established by Wise Road Capital LTD, which, as previously disclosed, was terminated by a Termination and Settlement Agreement entered into on December 13, 2021 pursuant to which the termination became effective on December 20, 2021. Accordingly, the Company now intends to hold an annual meeting of stockholders as promptly as practicable following the completion of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

NYSE Regulation's notice has no immediate effect on the listing or trading of the Company's common stock on the NYSE.

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