ob体育 recently placed an interim stop order on an entitlement offer (Offer) made under a prospectus lodged with ob体育 on 27 June 2024 (Prospectus) by Rhinomed Limited (Rhinomed).
ob体育 was concerned that the Prospectus did not adequately disclose all the required information under section 710 of the Corporations Act, including, but not limited to:
- historical financial information
- existing loan arrangements
- the use of funds raised under the Offer, and
- plans to pay current liabilities and fund operations following the Offer.
On 24 July 2024, ob体育 revoked the interim stop order following a replacement prospectus being lodged which addressed ob体育鈥檚 concerns.
Background
Where ob体育 has concerns that a prospectus does not meet relevant disclosure requirements under the Act, it may issue an interim stop order that no offer or issue of securities be made while the order is in force. Where ob体育鈥檚 concerns are promptly satisfied, ob体育 may revoke the interim stop order to allow the offer to proceed.