Lately, Jaxsta Ltd (ASX: JXT) announced about the Company’s application for reinstatement and extension of quotation period as per Supreme Court orders. The application has not yet been accepted by Australian Securities Exchange. Therefore, to meet the outstanding requirements of ASX, the company has requested Supreme Court of Western Australia to extend the Quotation Period to 21 December 2018. These securities were required to be readmitted to quotation on ASX within 3 months from the date of the Prospectus, 7 December 2018. This is in reference to application for reinstatement of Jaxsta’s securities to the Official List of the Australian Securities Exchange and the prospectus released by Jaxsta Limited on 7 September 2018 and supplemented by the supplementary prospectus dated 26 September 2018.
On this request submitted via application, the Supreme Court of Western Australia reportedly issued orders to extend the end date of the period for admission to quotation by ASX until Friday 21 December 2018. The Court has also stated that all the persons who subscribed for shares under the Prospectus have the right to apply to the Supreme Court of Western Australia for any modification or amendments in the order. For this purpose, Court has requested Jaxsta to notify all these people about their above mentioned entitlement.
A new shareholder under the Prospectus may apply to the Court to modify or vary the orders such that: the extension of the quotation period does not apply to them. As a result, the shares they were issued become void and the Company would be obliged to return the money received from the person for the shares that become void.
The company believes that the extension of Quotation period for 10 business days will provide Jaxsta to address the remaining concerns of Australian Securities Exchange for which purpose the reinstatement has yet not granted by ASX.
Jaxsta Ltd. is an Australia based music company which works on metadata. The company operates in music industry and maintains the record of source files and supplies credit to the person to whom the music belongs. Jaxsta Limited is now acquired by Mobilarm which was previously listed on ASX under the code MBO.
Currently suspended, Jaxsta stock last traded at $0.020 on 30 May 2018. Over one year from its last trading session, JXT has fallen by 20%. But in the period of one month to 30 May 2018, Jaxsta’s stock price jumped up 100% to $0.020. It seems that the stock has just failed to have a comeback. The earnings per share, last quoted on ASX represented to be AUD -0.002 while the group has never paid any dividends. The overall scenario is watched by investors who still remain holders of the company’s stock.