ASIC has commenced civil penalty proceedings against GetSwift and its directors Bane Hunter and Joel Macdonald, alleging that the company made misleading announcements in relation to client agreements.
Joel MacDonald has stepped down as GetSwift CEO and chairman Bane Hunter has taken on the role as “part of [GetSwift’s] ongoing program to continually develop its governance practices as it grows”.
With its shares last valued at $2.92 on January 22 before suspension, GetSwift is currently trading at $1.24 after a market update.
GetSwift has suspended trading as it prepares responses to an AFR report that questioned details around contracts and revenue figures.
Melbourne logistics company GetSwift, which raised $5 million through an ASX listing last December, has raised $24 million from a collection of US-based and local investors.
This will allow any vendor using the point-of-sale system to essentially become a delivery-ready store, with GetSwift automatically queueing, batching, routing, and dispatching the delivery of any products purchased through an Albert POS.
After 18 months in New York, logistics software startup GetSwift is heading back home to open its global HQ in Melbourne ahead of an ASX listing next month.