SMI Vantage Seeks More Time to Avoid Delisting; Shares Up 40%

MT Newswires08-15

SMI Vantage (SGX:Y45) has applied for another extension to avoid being delisted from the Singapore Exchange, according to a Wednesday filing on the bourse.

The company was initially placed on the bourse's watch list on Dec. 4, 2019, due to failing to meet the minimum trading price and financial criteria set by the exchange. Since then, SMI Vantage has received multiple extensions, with the most recent deadline set to expire on July 31, 2024.

On Aug. 1, the bourse rejected SMI Vantage's latest request for an extension, citing ongoing financial difficulties and a decrease in market capitalization.

In response to the rejection, SMI Vantage has proposed a move to acquire Whisky Cask Club, a whisky investment company, "and expects to be able to achieve profitability," it said.

Shares of the company were up 40% in recent trade.

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