If you can’t beat ’em in Australia, try ’em in New York.
Logistics software provider GetSwift Technologies is listing its shares this week on New York’s over-the-counter exchange — only a few years after facing heat from Australian regulators and the press over its communications with investors, The Post has learned.
In 2018, the Australian Securities and Investment Commission was considering legal action against the once-hot business, after it had allegedly not updated the market twice after losing important customer contracts.
The company’s stock fell to well below $1 a share, and in April 2019, three GetSwift board members including the chairman, former Viacom general counsel Michael Fricklas, suddenly resigned.
But that was then, and this is now.
GetSwift moved its headquarters from Australia to Midtown Manhattan, with the same long-time executives running the business including CEO Bane Hunter who once was chief project officer at MTV Networks. GetSwift then listed its shares on Canada’s NEO exchange.
The company’s business recovered. Last week, GetSwift signed a $30 million contract with the Serbian government to connect its schools to the internet. More importantly, it reached a settlement July 15 in an Australian class-action shareholder suit in which it did not admit to any wrongdoing.
Now, by having its shares trade under the ticker GTSWF on both the NEO and the US-based OTCQB over-the-counter exchanges, it will make it easier for some money managers to buy the shares who are not allowed to buy into Canadian stocks.
FINRA has approved the OTC listing, a source said. GetSwift’s share price rose 15 percent Tuesday to $1.55 a share, giving it a $271 million market cap.