{"id":45712,"date":"2023-10-20T15:45:53","date_gmt":"2023-10-20T15:45:53","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/queensland-startup-guveras-future-in-doubt-after-1-3-billion-ipo-blocked-by-the-asx-startupsmart\/"},"modified":"2023-10-20T15:45:53","modified_gmt":"2023-10-20T15:45:53","slug":"queensland-startup-guveras-future-in-doubt-after-1-3-billion-ipo-blocked-by-the-asx-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/queensland-startup-guveras-future-in-doubt-after-1-3-billion-ipo-blocked-by-the-asx-startupsmart\/","title":{"rendered":"Queensland startup Guvera\u2019s future in doubt after $1.3 billion IPO blocked by the ASX – StartupSmart"},"content":{"rendered":"
Queensland-based music streaming startup Guvera is \u201creviewing its legal options\u201d after its $1.3 billion IPO was blocked by the ASX last week.<\/p>\n
Only a day after Guvera\u2019s updated prospectus was approved by ASIC, the ASX took the unprecedented move to prevent the tech company from listing.<\/p>\n
In a statement provided to StartupSmart<\/em>, the ASX says the reasons for the block are \u201cconfidential\u201d.<\/p>\n \u201cASX has exercised its discretion to refuse admission to Guvera, based on material contained in Guvera\u2019s application for admission,\u201d the statement says.<\/p>\n \u201cASX must be satisfied that a company is appropriate to be listed on ASX and can exercise its discretion to refuse admission even where a company otherwise satisfies all of the specific conditions for admission.\u201d<\/p>\n Guvera has confirmed that it is meeting with ASX representatives on Tuesday to discuss the decision, and is also considering legal options.<\/p>\n \u201cGuvera is currently reviewing its legal options and obligations and will be communicating to the market when it is more informed about the position and course of action the Company can take,\u201d a statement from the startup says.<\/p>\n