As the company plans to announce a financial restructuring, it disclosed few details as to why it requested the voluntary suspension.
Syntonic (ASX:SYT), mobile data firm announced a voluntary trading suspension citing that it plans to restructure financially. Citing few details, Syntonic suggested that any additional information would not be necessary to provide as it leads up to the announcement of the restructuring.
As quoted in the press release:
In accordance with ASX Listing Rule 17.2 the Company provides the following information regarding the request:
The reason for the request of the extension is to enable the Company to finalise the release of an announcement to market in respect of a financial restructuring.
The Company expects the voluntary suspension to end at the earlier of commencement of trade on abovementioned matter.
The Company is not aware of any reason why the voluntary suspension should not be granted, nor of any other information necessary to inform the market about the voluntary suspension.