GetSwift Ltd’s [ASX:GSW] share price shows no sign of arresting its decline, down 11.03% today at time of writing.
Founded in 2015, GetSwift provides secure cloud-based platforms for businesses in Australia and around the world.
Earlier this week the share price was down by a staggering 28%.
GetSwift has given up almost all of their gains over the last six months.
Recently the company was served with a notice to provide the corporate regulator ASIC with information regarding the business.
GetSwift share price consistent struggle
GetSwift has complied with ASIC’s inquest by informing the regulator that they will follow through with the investigation.
However, the details of the requested documents are unknown.
The software company has faced hardship during 2017, including the ASX questioning them about their partnerships with shareholders.
In late January, GetSwift requested the ASX to suspend shares from trading on the ASX.
As a result, the ASX sent a 28 question list to GetSwift’s management regarding the partnerships they had announced.
During the beginning of February, GetSwift informed the ASX they were unable to confirm their compliance with the ASX listing rule, which refers to the company’s responsibility to update the market once they become aware of their information having a material or price effect.
GetSwift now stands at a compliance aligned with section 3.1 stating it is comfortable and that no further disclosure is required until results come in from the investigation.
GetSwift cuts ties with Aesir Capital
During February GetSwift decided to burn bridges with Aesir Capital.
Regal Funds Management disclosed GetSwift held up to 9.2% of the company.
The Australian Financial Review notes:
‘In a statement to the exchange, Regal revealed it had bought shares in the Aesir-advised placement. The fund bought 2.3 million shares between October and February at between $1.26 and $4 a share, and disposed of 1.2 million between November and February at prices between $1.32 and $3.67…’
After being suspended from trading in January, they were able to resume during the beginning of February.
PwC will continue to review GetSwift’s disclosed policies.
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