Catalist-listed Ayondo’s application to extend the submission deadline for a proposal to resume trading has been accepted by the Singapore Exchange (SGX).
Shares of Ayondo were halted and then suspended from trading since January 30, 2019, after it faced intense scrutiny over its financial situation, business viability issues, and concerns raised by regulators over its compliance requirements in the UK. According to SGX’s listing rules, the social trading and brokerage firm had to submit a proposal with a view to resuming trading within 12 months of this suspension date.
Earlier in January, the loss-making firm said in a filing to the Singapore Exchange that it had submitted an application to extend this deadline by three months, until April 30, 2020. The request was made in order to complete the proposed change of its current auditors, and complete its quarterly reports after it has experienced senior staff turnover.