GetSwift calls in PwC to help with disclosure issues as its shares remain suspended

Nicholas Kamm/AFP/Getty Images

GetSwift Limited, a technology company whose shares were suspended following reports of undisclosed contract issues, has hired PwC to review its continuous disclosure compliance.

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

The ASX pinged the company asking for clarification. After the company’s response, the ASX extended suspension of trading in GetSwift shares.

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

GetSwift provides software that manages dispatching and delivery services for the “last mile” to the customer’s door. It has the slogan “Dispatch like Uber, track like Dominos, set routes like FedEx” and says it solves four problem areas: visibility, dispatch, routing and tracking.

Today the company announced it had engaged PwC.

“As part of that engagement, PwC will also assist the company in its preparation of a more comprehensive market update, which will address questions raised by ASX in its correspondence with the company as well as other commentary in the market,” the company said.

GetSwift is due to release its quarterly report tomorrow.

“Until the market update is released, the company requests that its current suspension from official quotation be maintained,” GetSwift said.

“The company will respond to questions raised by ASX in addition to providing the market announcement.”

The company, 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 very 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.

Its shares hit a high of $4.60 in December last year and last traded $2.92.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.