The Nuix Ltd (ASX: NXL) share price finished in the green amid news Macquarie Group Ltd (ASX: MQG) has determined the tech company's initial public offering (IPO) was above board.
While Macquarie has reportedly found no signs of wrongdoing, Nuix's IPO is still the subject of an Australian Investments and Securities Commission (ASIC) investigation.
However, the market seems to have had some of its concerns eased. The Nuix share price gained 1.2% today to close at $2.53.
Let's take a closer look at today's Nuix news.
Nothing to see here
The Nuix share price climbed amid news Macquarie's IPO team has cleared it of any obvious wrongdoing.
According to the Australian Financial Review, Macquarie's chair Peter Warne spoke to media before the group's annual general meeting today.
He apparently said Macquarie's IPO team have reviewed Nuix's prospectus and float, finding nothing sinister.
Macquarie was Nuix's backer during the tech company's ASX debut. Macquarie was also Nuix's biggest shareholder, holding around 70% of the tech company before its float. Today, Macquarie holds around 30% of Nuix's shares.
Macquarie's CEO Shemara Wikramanayake was quoted by the publication as saying:
At the time of the IPO, we all had no reason to believe that the prospectus forecasts would not be achieved…Circumstances appear to have changed quickly after listing.
However, the group is said to be planning to keep a hold of its stake in Nuix, despite ASIC's ongoing investigation into its float.
ASIC is also investigating Nuix's former chief financial officer Stephen Doyle, along with his brother and father. The 3 are under the microscope amid claims of insider trading.
According to court papers, ASIC believes Doyle may have tipped off his brother about Nuix's February downgrade. Doyle's brother is accused of then selling 1.8 million Nuix shares to avoid a loss of more than $5.7 million.
Nuix share price snapshot
Despite today's gains, the Nuix share price is still firmly in the red.
Right now, its shares are trading for 68% less than they were at Nuix's float in December.
The company has a market capitalisation of around $793 million, with approximately 317 million shares outstanding.
