iSignthis has been suspended from trading since October 2 following a report from corporate watchdog Ownership Matters.
iSignthis (ASX:ISX), a technology company principally focused on providing compliance services, published its response to an inquiry from the ASX on its governance and accounting procedures.
Following the release of a report from an institutional governance advisory firm, Ownership Matters, iSignthis has faced a trading halt by the ASX since October 2. The firm scrutinized iSignthis’ performance share options, which granted 300 million in shares to corporate executives, among other questionable accounting practices.
As quoted in a news release:
The suspension was first handed down by the ASX back on October 2, after ISX shares fell sharply in the wake of a report by watchdog group Ownership Matters (OM) questioning the company’s governance and accounting practices.
Before that, iSignthis shares went on a torrid run in 2019 — from 20c to $1.70 — as the company built momentum with its reg-tech payments network that provides compliance and know-your-customer (KYC) services for customers to comply with anti-money laundering laws.
While still in a trading halt, iSignthis released its quarterly 4C filing last week, which showed quarterly cash receipts rose by 40 per cent in the three months to September to $8.3m.