The government has revoked the license of Stage X as the country's fourth mobile carrier, after the company failed to secure capital and shareholders by the document submission deadline in May.

The Ministry of Science and ICT said on Wednesday that it has finalized the license cancellation and returned 43-point-01 billion won, or around 31 million U.S. dollars, in frequency allocation fees to Stage X.

Stage X, a consortium of mobile virtual network operator Stage Five and other partners, had secured the 28 gigahertz spectrum band for the fifth-generation(5G) network in an auction hosted by the ministry earlier this year.

The consortium has since failed to make capital payment of 205 billion won, while its list of shareholders and their stake significantly differed from what was stated in the frequency allocation application.

Stage X expressed deep regret over the government's decision, adding that it will file for a court injunction against the license revocation, as well as state compensation.