Getswift Ltd shares are now suspended until tomorrow

Speculative technology company GetSwift Ltd (ASX: GSW), which has already been in a trading halt for two days, today requested a voluntary suspension of its shares to give management additional time to respond to the ASX’s queries. GetSwift went into trading halt following a Fairfax Media article over the weekend, which alleged that the company had failed to notify the market of the loss of material contracts.

GetSwift management stated that the contracts were not material. However, if they are, it could place GetSwift in an uncomfortable position as the company raised capital even though the market had not been notified of these contract losses. This could be what the ASX is querying GetSwift about, and may explain why the company entered a trading halt.

On Monday, GetSwift’s official Twitter account tweeted that it had submitted a response to the ASX at 7.45am:

source: Getswift Twitter account @getswift_

However, the subsequent two day trading halt and now suspension suggests that the ASX was not satisfied with the answers that GetSwift supplied, and requested additional information. Another possibility is that GetSwift is looking to delay its return to market until it can publish its latest quarterly, which is due out by the end of January. A strong quarterly report combined with a response to the ASX might allay some investor concerns and would allow the market to trade on the most informed basis possible.

GetSwift expects to release its announcement prior to the start of trade tomorrow, and we will have full coverage for you then.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor Sean O'Neill has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.