Catalist-listed Ayondo, a troubled investment firm, released a notification on Friday stating that it has appealed against the delisting notice it received from the Singapore Exchange (SGX).

According to an order issued by the exchange, Ayondo’s shares would be delisted from the exchange after it makes an exit offer to shareholders. But, in the latest press release, the board of the company informed that it has not received any proposal for an exit offer from any shareholder, and the company currently does not have the cash resources to consider making an exit offer to its shareholders.

A High-Flying Fintech Went Bust

Ayondo offers a broad spectrum of social trading and brokerage services that cover both retail and institutional sectors and claimed to have 210,000 users across 195 countries on its social trading platform. In addition, it was the first fintech company to launch an initial public offering (IPO) on the SGX.

The company’s shares were suspended from trading on the exchange on February 1, 2019, after it faced intense scrutiny over its financial situation, business viability issues, and concerns raised by regulators over its compliance requirements in the United Kingdom.

Before sending the delisting notice the exchange provided an 18 months extension period to the troubled company for the submission of its resumption proposal. However, the latest extension lapsed at the end of last July.

The company missed multiple deadlines for the submission but asked for a further extension of three months till the end of October. However, it did not provide any reason for the extension to SGX Regulation that resulted in the rejection of the request.

The Zurich-headquartered company earlier disclosed that it ended 2020 with a total loss of CHF 720,000 without any activity of its trading business. Meanwhile, the group filed for insolvency in Germany and Switzerland.