GetSwift suspends share trading to respond to media allegations

GetSwift suspends share trading to respond to media allegations

GetSwift (ASX: GSW) has requested its shares be suspended amid media reports the logistics software group failed to tell investors it had lost key contracts.

GetSwift has been in a trading halt since Monday, and requested the suspension of share trading until it responds to ASX enquiries about a Fairfax Media report it breached its continuous disclosure obligations on several occasions.

In a statement to the ASX, GetSwift says it expects to respond to the allegations before the market opens on Thursday.

The Australian Financial Review report which was headlined 'GetSwift: Too Fast For Its Good' revealed that in addition to not disclosing the loss of two contracts, the company had released revenue forecasts prematurely from a deal it announced with the Commonwealth Bank of Australia, with CBA saying the GetSwift software was not yet in pilot phase.

In December, GetSwift, which is run by executive chairman Bane Hunter (pictured left) and former AFL player and entrepreneur Joel McDonald, closed one of the biggest tech raises in 2017, securing an oversubscribed placement of $75 million in new capital.

The capital raising included strong support from existing investors, as well as new Australian and American institutional investors.

In December 2016, its IPO was launched at $0.20 a share. Its shares soared tenfold in 2017 before dropping from $4.60 to the current price of $2.92 when it last traded on Friday.


Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Subscribe Now!
Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

QLD Government buys time on The Star licence suspension decision

QLD Government buys time on The Star licence suspension decision

The Queensland Government has for the second time deferred a suspen...

NRMA acquires Yamba's Blue Dolphin Holiday Resort for $40m

NRMA acquires Yamba's Blue Dolphin Holiday Resort for $40m

NRMA Parks & Resorts has snapped up a bustling holiday park in ...

'54-year-old startup' Tracks plunges into new sets with Surf Shacks, 24/7 TV channel

'54-year-old startup' Tracks plunges into new sets with Surf Shacks, 24/7 TV channel

After the dumping waves of the pandemic nearly knocked out iconic A...

RecycleSmart raises $1.15m to address Australia’s waste management problem

RecycleSmart raises $1.15m to address Australia’s waste management problem

A Sydney-based environmental service company that recycles overlook...