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The stock exchange regulator has taken the unusual step of warning investors to take care in trading shares in the market’s latest listed stock, Being AI, after a surge in its share price.
NZRegCo issued a statement on Friday that Being AI’s (BAI) share price has risen threefold since it appeared on the boards on Tuesday, which prompted the regulator to ask if there was any material information not disclosed to the market.
The company listed through what is known as a reverse listing, in which Being AI used an already listed but inactive company, Ascension Capital (ACE), to get a backdoor entry to the NZX.
The deal was valued at 2.5 cents a share since when the price hit a high of 7.8 cents, before last trading at 5.5 cents.
A report on the deal concluded it was fair to ACE’s independent shareholders, and Being AI replied to the share price inquiry that all disclosure rules were being complied with.
“Investors are strongly urged to access and consider the information relevant to the recent reverse listing transaction of BAI, in support of any investment decisions,” NZ RegCo said in a statement.
The regulator’s “trade with caution” statement is the first it has issued, and is designed to reduce share price volatility.
Being AI has three businesses: an AI consultancy business, a research and development engine to advance AI, and a venture investment and accelerator arm, which have been valued collectively at around NZ$45 million.
Being AI’s director and co-founder Dave McDonald told RNZ Business last December it had chosen a backdoor listing to avoid the complications and hassles of a public share offer, and was seeking credibility, transparency, and access to capital markets.
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