NZ RegCo has announced the suspension of trading of Ascension Capital (ACE) ordinary shares.
The suspension was applied before the market opened on Monday.
The decision to suspend trading was made after ACE revealed that it had entered into a conditional agreement to acquire multiple businesses, which would be collectively branded as Being AI.
This acquisition qualifies as a reverse listing, triggering the suspension under NZX guidance.
The purpose of the suspension is to ensure that trading of ACE shares only takes place when the market is fully informed about the reverse listing transaction and to manage the risk of uninformed trading.
The suspension is expected to remain in effect until the acquisition is completed.
Market participants are advised to refer to the NZX guidance note on backdoor and reverse listing transactions for more information.
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