- Story-I (SRY) has pulled the pin on a $2.1 million placement while it navigates a voluntary trading suspension and queries from the ASX
- The company has been in back-to-back trading halts since announcing the placement earlier this month
- The Apple retailer offered no clear explanation as to what the queries related to, however, it did reveal a company director would resign with immediate effect
- According to Story-I, all application funds from the placement have been returned to various investors and no new shares or options will be issued
- Prior to the trading halt, Story-I shares last changed hands at 2.4 cents
Story-I (SRY) has pulled the pin on a $2.1 million placement while it navigates a voluntary trading suspension and queries from the ASX.
The Apple retailer requested a voluntary trading suspension extension yesterday following an initial request on March 24 pending an announcement by the company in response to an ASX query letter.
Today’s announcement has not shed any light on the details, however, it did reveal company director Chek Ming Cheng would resign with immediate effect for personal reasons.
All application funds from the placement have been returned to various investors and no new shares or options will be issued.
“Despite the cancellation of the placement, we are continuing with our plans to grow our physical store network and further the development of our online sales platform that will address the retail, education and enterprise markets,” Story-I’s Executive Director Michael Chan said.
Under the placement, Story-I had planned to issue 92,100,964 fully paid ordinary shares at 2.3 cents each to sophisticated investors with one free attaching option for every two placement shares, prior to the cancellation.
Prior to the trading halt, Story-I shares last changed hands at 2.4 cents.