Osteopore (ASX:OSX) has put out a voluntary suspension of its securities from trading.
This comes after the company said it had experienced “unexpected delays” finalising its Annual Report for the period ending December 31, 2023, due to additional information requested by auditors.
The directors believe it’s a prudent decision to suspend trading until the Annual Report is lodged with the ASX. The suspension is expected to last until normal trading resumes on Tuesday, April 30, 2024, or until the Annual Report is submitted, whichever occurs earlier.
This unexpected development follows a significant surge in the company’s share price, skyrocketing by more than 1000% in response to regulatory approvals obtained for its innovative orthopaedic products in Singapore and Vietnam. Branded as aXOpore®, these products have received the green light from Singapore’s Health Sciences Authority (HSA) and Vietnam’s Department of Medical Equipment and Construction (DMEC).
The approval is particularly noteworthy given the substantial demand for orthopaedic solutions in Singapore, where up to 10% of the population are aged between 40 and 60 and grapple with joint ailments alone.
While the voluntary suspension may lead to a temporary halt in trading activities, Osteopore remains optimistic – especially with its recent regulatory successes and reassures investors that there are no known reasons to oppose the suspension request and no undisclosed information pertinent to the market.
OSX has been trading at 30 cents.