Login | Register
Profile | Log out
logo

  • Home
  • News
  • Opinion
  • Other
    • Market Updates
    • Explainers
    • Satire
  • About
  • Contact Us
    • Contact
    • Get Covered
    • Posting Guidelines
  • Subscribe
Submit An Article

Latest Articles

  • Nanoveu Secures $2 Million to Fast-Track Commercial Launch of ECS-DoT Chip and AIoT Platform
    Nanoveu Secures $2 Million to Fast-Track Commercial Launch of ECS-DoT Chip and AIoT Platform
    • News

  • Archer Unlocks Cryogenic Sensor Breakthrough for Quantum Computing
    Archer Unlocks Cryogenic Sensor Breakthrough for Quantum Computing
    • News

  • EGL Secures $1.9M PFAS Plant Contract as Demand for Clean-Up Technologies Surges
    EGL Secures $1.9M PFAS Plant Contract as Demand for Clean-Up Technologies Surges
    • News

  • RocketDNA Secures Major Aerial Tech Contract with Vault Minerals at WA Gold Site
    RocketDNA Secures Major Aerial Tech Contract with Vault Minerals at WA Gold Site
    • News

  • BirdDog Boosts Buy-Back Offer by 40% Ahead of ASX Delisting Vote
    BirdDog Boosts Buy-Back Offer by 40% Ahead of ASX Delisting Vote
    • News

  • AML3D Launches High-Tech U.S. Facility to Power Submarine Supply Chain
    AML3D Launches High-Tech U.S. Facility to Power Submarine Supply Chain
    • News

  • Vection Enters $520K Agritech Deal to Build AI-Powered Farming Robot
    Vection Enters $520K Agritech Deal to Build AI-Powered Farming Robot
    • News

  • Unith Achieves Strong Growth in Platform Usage and Strategic Partnerships
    Unith Achieves Strong Growth in Platform Usage and Strategic Partnerships
    • News

  • FBR and Samsung Heavy Industries Execute Engineering Service Agreement for Shipbuilding Automation Project
    FBR and Samsung Heavy Industries Execute Engineering Service Agreement for Shipbuilding Automation Project
    • News

  • Bioxyne Lifts FY2025 Revenue Forecast as Psychedelics and Pharma Push Gains Pace
    Bioxyne Lifts FY2025 Revenue Forecast as Psychedelics and Pharma Push Gains Pace
    • News

Former ASX darling GetSwift to delist, heads to North America

  • In News
  • September 4, 2020
  • Alfred Chan
Former ASX darling GetSwift to delist, heads to North America

Troubled tech company GetSwift (ASX: GSW) is set to bring an end to their time on the ASX after several controversial years, with plans to re-domicile to Canada at a time when an impending class action against the Company is set for trial.

The former market darling which listed on the ASX in December 2016 at an IPO Offer Price of $0.20 per share quickly shot up the boards. Headed by former AFL player Joel MacDonald as Co-Founder and Managing Director, GSW shares traded as high as $4.30 in December 2017 at which point GetSwift secured $75 million from investors via a capital raise at $4.00 per share.

Following the capital raise however, things unraveled for GetSwift when it was revealed that partnerships announced with Tier 1 clients including Commonwealth Bank of Australia, The Fruit Box and Amazon, were in-fact not generating any revenue for the Company. By February 2018, shares swiftly fell to $0.70.

Plans have now been announced for GetSwift to delist from the ASX and re-domicile to Canada’s NEO Exchange with all GSW shares undergoing a Scheme Implementation Deed where shareholders will receive 1 Holdco share for every 7 GetSwift shares held.

The NEO Exchange has conditionally approved the listing of the Holdco Shares on the NEO Exchange but the departure from Australia should come as no surprise with GetSwift having already focused its operations in the North America where the Company is headquartered in Denver, Colorado. Alongside their North American expansion, ASX investors have been preparing a Class Action against GetSwift arguing they were misled to invest in the Company as a result of ASX disclosure breaches.

“We have made no secret of the fact that our customers and shareholders across North America have supported our focus on the region with increased business and continued investor support,” said GetSwift CEO, Bane Hunter.

“Our focus on the world’s leading markets as we continue seeking growth in all regions is simply good business.”

Offering a tech platform to manage delivery services, GetSwift’s software provides end-to-end management of customer deliveries which can be integrated with other business functions including supply chain management, delivery drivers and customer interfaces.

Through the financial year ending 30 June, 2020, GetSwift has been accelerating its North American operation where they delivered $26.5m in revenues which represented a 596% increase on the previous corresponding year. Revenue from North America represented 54% of total revenue which came from more than 100 different countries.

Despite the increase in revenues, GetSwift reported a net loss of $31.1m which the Company attributed to fully expending all research and development costs.

As part of their expansion across North America, GetSwift tripled its employee headcount through FY20.

The Class Action trial against GetSwift is listed to commence on 14 September 2020 with shareholders being represented by Phi Finney McDonald.

  • About
  • Latest Posts
Alfred Chan
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
  • Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
  • Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
  • ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024
  •  
  •  
  •  
  •  
  • asx gsw
  • delisting
  • getswift
  • gsw
  • holdco
  • IPO
  • joel macdonald
  • Tech
  • News

Leave a Comment

You must be logged in to post a comment.

  • About
  • Latest Posts
Alfred Chan
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
  • Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
  • Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
  • ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024

Login or register for free to access unlimited reading

Register Now!
  • About
  • Latest Posts
Alfred Chan
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
Latest posts by Alfred Chan (see all)
  • Harris Technology to expand refurbished tech division amid rising demand from cost-conscious Australians - April 30, 2025
  • Harris Technology secures major investment from Taiwan’s FSP Technology at 100% premium - March 10, 2025
  • ARC Funds acquires 30% of auzbiz Capital as latest direct-to-investor marketing venture - October 8, 2024
  • News

  • Opinion

  • Satire

  • About

  • Contact Us

  • Subscribe

The content published on this website is solely for general information purposes and is not to be construed as financial advice. Should you seek financial advice you should consult with an appropriately qualified person. Opinions expressed on this site are subject to change without notice and The Sentiment who produced this content is under no obligation to keep the information current. The Sentiment, affiliated companies & associates may have a conflict of interest with companies discussed on the website due to commercial arrangements, for example they may be shareholders in the company, be engaged by them to assist in investor communications or receive commission/brokerage for funds raised.

Copyright © 2020 The Sentiment. All rights reserved.
Subscribe

Enter your email address below to subscribe to The Sentiment’s weekly newsletter, highlighting the top news, research, opinion and satire articles shaping ASX investor sentiment.

The Sentiment respects your privacy and will not spam you. View our privacy policy here.