GetSwift is being investigated by ASIC

Yoshikazu Tsuno/AFP/Getty Images

GetSwift, a technology company facing reports of undisclosed contract issues, has been asked by corporate watchdog ASIC (Australian Securities and Investments Commission) to produce documents.

“The company has informed ASIC that it will comply with the notice and fully cooperate so that its investigation may be completed as soon as reasonably possible,” GetSwift said in a notice to the ASX today.

“The ASIC notice records that it should not be construed as an indication by ASIC that a contravention of the law has occurred, nor that it should be considered a reflection upon any person or entity.”

The company today posted revenue of $328,696 for the first half to December and a loss of $5.5 million.

“GetSwift is positioned to continue its growth in key markets,” the company said today.

At the close, its shares were down 11% to $0.605. The shares hit a high of $4.60 in December last year.

GetSwift in December raised raised $75 million at $4 a share as part of a private placement.

The software and logistics company, which helps helps merchants manage their delivery operations, called a trading halt last month after a report by The Australian Financial Review.

The ASX pinged the company asking for clarification.

The company says it “categorically denies” that it had twice failed to update the market about losing materially significant contracts.

GetSwift, with former AFL player Joel MacDonald as CEO, raised $24 million from existing and new investors at 80 cents a share in June last year. The money was earmarked to grow “aggressively” into the Americas, Europe and some Asian markets, as well as scale to meet the needs of large multinational customers.

In 2016, MacDonald had a public falling out with BlueChilli CEO Sebastien Eckersley-Maslin after the latter resigned from the GetSwift board.

The company listed in December 2016, raising $5 million at 20 cents a share for a market capitalisation of $25 million, having aborted a reverse listing earlier that year.

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