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Why these 3 ASX shares are in trading halts

This week may only have been a short one, but it certainly was an eventful one.

Three shares that caught my eye are listed below. Here’s why their shares have been placed in trading halts:

Avz Minerals Ltd (ASX: AVZ)

This lithium-focused mineral exploration company’s share price rose 8.5% on Thursday before it requested a trading halt to give it time to respond to a price query request from the ASX. While at this stage it is only speculation, the catalyst for the spike in its share price appears to have been some potentially market sensitive images of core holes at the company’s Manono project in the Democratic Republic of the Congo that were leaked on Twitter. The company will update the market by April 4.

Blue Sky Alternative Investments Ltd (ASX: BLA)

This listed investment company’s shares were placed in a trading halt on Wednesday after a note out of Glaucus Research named it as its latest short pick. Glaucus is the short seller that labelled Quintis Ltd (ASX: QIN) a Ponzi-like business. The short seller has targeted Blue Sky on the belief that it is overstating the value of its assets, returns on investments, and its management fees. Glaucus believes that Blue Sky’s shares are worth $2.66, approximately 77% below the last close price. Blue Sky has requested the trading halt as it prepares to respond to the allegations. To make matters worse, rumours are now swirling over a possible class action.

Digitalx Ltd (ASX: DCC)

This blockchain technology company requested that its shares be placed in a trading halt as its prepares to make an announcement regarding its new funds management business. No further details have been provided, but I imagine it is quite likely that this will be a cryptocurrency-based fund management business. It certainly has been a busy month for DigitalX. Earlier this month the company was appointed a blockchain adviser to Shareroot, advised on two ICOs in global markets, and advised MailGuard on blockchain and AI cybersecurity.

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Motley Fool contributor James Mickleboro 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 Scott Phillips.

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