ASIC has restricted ASX-listed iBosses Corporation Limited (iBosses) from using certain disclosure exemptions when making public offers of securities for failing to lodge financial reports.
iBosses did not lodge audited financial reports for the years ended 31 March 2017 and 31 March 2018 within the three months required by the Corporations Act (the Act). The company's securities are currently suspended from trading on ASX.
Accordingly, ASIC has made a determination that applies until 4 June 2020 and prevents iBosses from relying on:
- the disclosure exemptions for sale offers of securities and for rights issues (s 708A and s708AA of the Act); and
- the reduced prospectus content requirements for continuously quoted securities (s713 of the Act).
ASIC may impose restrictions on the use of fundraising disclosure exemptions where we are satisfied that an entity has contravened the financial reporting provisions of the Act.