- Animoca Brands Corporation (AB1) has been accused by the Australian Securities Exchange (ASX) of breaching the listing rules
- On December 18, the company received a letter from the ASX
- The letter outlined elements of the business that the ASX does not consider to be appropriate for a listed company
- Animoca is steady on the market this morning and is trading at 18¢ per share.
Animoca Brands Corporation (AB1) has been accused by the Australian Securities Exchange (ASX) of breaching the listing rules.
On December 18, the company received a letter from the ASX. The letter outlined elements of the business that the ASX does not consider to be appropriate for a listed company.
The letter said, in particular, the “substantial involvement in cryptocurrency-related activities” and “substantial use of SAFEs issued by subsidiaries” are the main issue.
“It is a lengthy letter and there are other issues to address in addition to those aspects,” the company told the market.
Animoca has been provided with the opportunity to make a good case to the contrary, otherwise, ASX proposes to remove Animoca Brands from the official list on February 21, 2020.
“Animoca Brands intends to address the issues raised in the ASX letter and provide a written response as soon as practicable.” the company said.
“Animoca Brands is making every effort to address ASX’s concerns and will update the market as soon as practicable,” it added.
Animoca is steady on the market this morning and is trading at 18¢ per share.