How Long Will Byte Power Shares Remain Suspended For?

How Long Will Byte Power Shares Remain Suspended For?

The securities of diversified technology company Byte Power Group Limited (ASX: BPG) continues to remain suspended on the Australian Securities Exchange.  It has now been more than a year that Byte Power’s shares have not traded on ASX. The stock last traded at $0.009 on 22 December 2017.

As per the recent update, the Group has questioned the continued suspension of its shares and sought confirmation from the ASX, asking when the regulator intends to reinstate BPG’s shares to trading. It also seeks clarity from ASX to otherwise confirm the steps which the company must take to have the suspension of its shares lifted. 

But in response to BPG’s query, the ASX advised that it still has concerns about the company’s operation of its recently launched cryptocurrency exchange and the disclosures fulfilment around its development and the legal status of the BPX loyalty tokens.

The shares of Byte Power Group were not reinstated even after the company had made payment of $33,000 penalty imposed by the corporate regulator, Australian Securities and Investments Commission (ASIC). BPG told that it had made the penalty payment on 4 February 2019 in order to comply with the Infringement Notice issued by the Australian Securities and Investments Commission (ASIC) on 12th December 2018.

On 30 January 2019, the ASX concluded that it intends to continue the suspension of BPG’s securities till the time it is satisfied that BPG’s securities are fit for reinstatement based on its ongoing investigation, the outcome of ASIC or otherwise.

Byte Power X, BPG’s wholly owned subsidiary launched the cryptocurrency exchange on 13 January 2019 following its soft launch on 18 December 2018 that was to allow for registrations on the cryptocurrency exchange. Following the voluntary suspension, BPG has resumed the sale of the BPX Tokens on receiving the legal advice. Moreover, on 15th January 2019, the company stated that its cryptocurrency exchange is now open for trading as security testing and verification of technical updates and the trialing of trading functionality have been completed.

Byte Power Group informed that as of 4 February 2019, the group has responded to all the previous queries raised by the Australian Securities Exchange. The company firmly believes that BPX loyalty tokens are not interests in a managed investment scheme and continues to work with ASIC and ASX to have the trading status of its shares reinstated.

Further to previous queries raised by ASX, the company stated that BPG expects to maintain healthy operating cash flows on the back of operating income driven by the cryptocurrency exchange, collection from debtors in its wine business, sale of BPX tokens, and the collection of proceeds and generation of new revenues from sale of Wimobilize Big data solution.

Byte Power Group Limited (ASX: BPG) operates as an integrated Information Technology and product supplier through four verticals- i.) Wimobilize, a proprietary Hybrid Artificial Intelligence Big Data Technology Platform, ii.) Cryptocurrency Exchange iii.) Winepower, Food and Beverage business iii.) Power Management.

BPG is expected to release its half-yearly results on or before 28 February 2019.


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