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iSignthis (ASX:ISX) Shares Just Got Suspended – What Happened?

Only minutes before the market opened this morning, the ASX opted to suspend iSignthis Ltd (ASX: ISX) shares from official quotation. What does this mean for investors?

Only minutes before the market opened this morning, the ASX opted to suspend iSignthis Ltd (ASX: ISX) shares from official quotation. What does this mean for investors?

About iSignthis

iSignthis is listed on the ASX and Frankfurt Stock Exchange. It provides remote identity verification and payment authentication combined with e-money, transactional banking, IBAN issue and payment processing capability. Its products and businesses are iSignthis Paydentity, ISXPay, UAB Baltic Banking Service and Probanx Information Systems.

Why Are iSignthis Shares Suspended?

An announcement was released this morning by the ASX stating that iSignthis shares have been suspended from official quotation. The decision to suspend trading was made “in consultation with the Australian Securities and Investments Commission (ASIC) and having regard to the recent volatility in its share price”.

The iSignthis share price shot up 14.4% yesterday after reporting strong growth in September. iSignthis shares have gained a lot of attention recently, with shares up 613% year-to-date.

With this increase in volatility, the ASX and regulators have been watching closely, resulting in iSignthis receiving two ASX Price Queries just in the last month.

Recent volatility has also been caused by questions over client funds and governance of the company. This volatility and questioning from regulators would remind some investors of Afterpay Touch Group Ltd (ASX: APT) in recent times, which has also experienced its fair share of doubt and negativity from investors and media alike.

What’s Next For iSignthis?

iSignthis shares are not currently trading and there has so far been no indication of when they will trade again. The announcement simply said the shares have been suspended “pending the outcome of enquiries to be made by ASIC and ASX into a number of issues concerning ISX”.

This will be interesting to watch over the coming days, but I’ll just be watching. There could be returns to be made from iSignthis, but it seems too risky for me.

I’ll stick to the growth shares in the free report below.

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Disclosure: At the time of writing, Max does not have a financial interest in any of the companies mentioned.

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