ASIC recently placed an interim stop order on an entitlement offer (Offer) made under a prospectus lodged with ASIC on 27 June 2024 (Prospectus) by Rhinomed Limited (Rhinomed).
ASIC was concerned that the Prospectus did not adequately disclose all the required information under section 710 of the Corporations Act, including, but not limited to:
historical financial information
existing loan arrangements
the use of funds raised under the Offer, and
plans to pay current liabilities and fund operations following the Offer.
On 24 July 2024, ASIC revoked the interim stop order following a replacement prospectus being lodged which addressed ASIC’s concerns.