Digital business services provider Trimantium GrowthOps has announced it plans to delist from the Australian Security Exchange (ASX) after more than two years trading publicly.
The company revealed the ASX has accepted the application to be removed from its official list and would seek shareholder approval at the upcoming annual general meeting on 30 November.
Trimantium GrowthOps was formed in late 2017 as a result of a merger of nine companies, including three IT firms, enterprise cloud and software provider 3wks, IT consulting firm Digital Moshi and mobile app developer Jtribe. The company officially went public in March 2018 following delays.
The decision to delist is due to a number of factors, including the value of its share price, limited trading of securities, share price volatility, costs and administration of being listed, inability to raise capital through issuing shares and future funding alternatives.
The company is also exploring ways to let smaller shareholders exit the register.
Trimantium said the delisting provides it an opportunity to continue to expedite its cost improvement programs, along with securing new alternative funding sources to help facilitate and assist in achieving its growth objectives.
Once the company gets shareholder approval, the delisting process is expected to complete on 31 December 2020.