Ayondo Appeals Against the Delisting Notice from SGX

Ayondo, an embattled trading firm, announced on Friday that it has appealed against the delisting notice from the Singapore Exchange (SGX).

The SGX issued an order on September 20 that it will delist Ayondo’s shares after the firm makes an exit offer to shareholders. However, the board of Ayondo pointed out in its announcement that it has not received any proposal for an exit offer from any shareholder, and currently its cash resources can not support the company to make an exit offer to its shareholders.

The Singapore Exchange has offered an 18-month extension period for the troubled company to submit its resumption proposal, which lapsed at the end of last July. The company asked for a further extension of 3 months till the end of October without giving any reason after missing multiple deadlines for the submission. Therefore, the exchange rejected the request.

Ayondo provides social trading and brokerage services that cover both retail and institutional sectors. It was claimed that the number of users on the company’s social trading platform has accounted up to 210,000 across 195 countries.

The SGX suspended Ayondo’s shares from trading on February 1, 2019, after the company faced intense scrutiny over its financial situation, business viability issues, and concerns raised by regulators over its compliance requirements in the United Kingdom.