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ASX

Airtasker’s ASX listing has been delayed after a ‘processing delay’ by the exchange

- March 22, 2021 < 1 MIN READ
The Airtasker exec team: founder and CEO Tim Fung, COO Yaniv Bernstein and CFO Nathan Chadwick.
Casual jobs marketplace Airtasker has been forced to delay today’s debut on the ASX by 24 hours following a stuff up in processing the paperwork by the exchange.

The embarrassing mistake by the ASX means the listing of Airtasker (ASX: ART) will now take place at 11am Tuesday, March 23, rather than Monday.

The ASX issued a statement at 7am today saying that the company had “satisfied all of ASX’s conditions for admission and quotation”, and but the listing was put back a day due to an “ASX processing delay”.

It’s understood the ASX didn’t notify “relevant market participants” such as brokers in time for the listing.

ASX executive general manager of listings Max Cunningham called Airtasker CEO and founder Tim Fung on the weekend to apologise and let him know about the “processing omission”.

Fung took to LinkedIn to say he was “a little surprised” and it felt like Christmas had been rescheduled to December 26.

“Apparently these internal glitches happen even for platforms as established as the Australian Stock Exchange… and as fellow marketplace builders, I guess we need to cut them a little slack,” he said.

Airtasker has raised $83.7 million at $0.65 cents a share, valuing the business at $255 million.

Fung will now ring the bell on Tuesday morning.

Founded in 2012, Airtasker has around 30,000 monthly active “taskers”.

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