TSE withdraws approval of GMO Financial Gate’s initial listing
The revocation is in line with an application made by the company, the Exchange says.
The Tokyo Stock Exchange today announces that it has revoked its approval of the initial listing of GMO Financial Gate.
As FinanceFeeds has reported, TSE had approved the initial listing of GMO Financial Gate, Inc. in March 2020. However, based on the company’s application, TSE today says it has withdrawn its approval.
GMO-FG, a subsidiary of GMO Internet Inc. (TYO:9449), commented that, at its Board of Directors meeting held on April 10, 2020, a decision was made to cancel the offering of new shares and sales of shares and to postpone listing procedures, following due deliberations of various circumstances and guidance from the lead manager, in light of the global contagion of COVID-19 as well as lack of visibility of containment efforts in Japan, considering the details of the declaration of an emergency situation.
The company says it intends to comprehensively assess the circumstances such as equity market trends in determining the timing to resume listing procedures.
GMO-FG offers payment processing services for offline payment, such as credit card and debit card.
Regarding the rationale for the listing of GMO-FG’s shares, GMO Internet explained in March that the business opportunities in the offline market in which GMO-FG operates have expanded significantly, thanks to the government’s move to tackle the issues of improving the security of cashless payments and to increase cashless penetration.