DigitalX’s share price swing triggers ASX questions

Maria Nikolova

The Exchange has queried whether DCC is aware of any information that could explain the recent trading in its securities.

Recent changes in the share price of blockchain-based solutions provider and ICO adviser DigitalX Ltd (ASX:DCC) have once again triggered questions by ASX. ASX has submitted a price query concerning DCC, noting the the change in the price of DCC’s securities from a low of $0.045 yesterday to a high of $0.074 today. The Exchange also noted the significant increase in the volume of DCC’s securities traded from April 1, 2019 to today.

ASX wanted to known whether DCC is aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities. And if “no”, is there any other explanation that DCC may have for the recent trading in its securities?

In its response, DigitalX says it is not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in the Company’s securities.

The Company’s share price has a long history of tracking the price of Bitcoin, and the Company notes that the price of Bitcoin has recently risen by up to 25%.

DigitalX also noted that there has been limited online media coverage on the Company’s ongoing Federal Court matter. This matter was subject to a mediation hearing on March 27, 2019. Presently, the company is not in a position to make any further update on this matter.

Let’s recall what this legal matter is about. On September 28, 2018, DigitalX announced that it had been served with an Originating Application and Statement of Claim in the Federal Court of Australia filed by a group of parties relating to an investment made by those parties in an initial coin offering (ICO) to which the Company was an advisor.

In a recent report, DigitalX said:

“Since the initial filing of the Statement of Claim the Company and its legal advisors have continued to review and examine the claims made, the Company continues to deny any claim of wrongdoing. The Company and the claimants have agreed to a mediation process set for the 27th of March, 2019 after the date of this report. The Company still intends to vigorously defend this matter and protect the reputation of the Company”.

The claim is for a combined amount of approximately US$1,833,077 plus damages.

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