JSE Suspends Ayo Technology Solutions Over Listing Non-Compliance
The Johannesburg Stock Exchange (JSE) has suspended Ayo Technology Solutions’ listing due to the company’s failure to comply with its listing requirements, specifically its inability to publish its annual report for the financial year ending August 31, 2024.
“In accordance with the listing requirements and the Financial Markets Act, the company’s securities have been suspended with immediate effect,” the JSE announced.
Ayo Technology Solutions had previously informed shareholders of delays in publishing its financial results through multiple Stock Exchange News Service (SENS) statements, the latest of which was issued on February 14, 2025.
The company attributed the delay to setbacks in finalizing its financial audit, which it claimed were beyond management’s control.
Ayo explained that its Auditor’s Engagement Quality Control Review (EQCR) had not yet begun, emphasizing that this rigorous process is essential for upholding corporate governance standards. The company stated that the EQCR could only commence once the audit was completed.
Further reasons cited for the delay included:
- The resignation of joint external auditor Thawt Inc. in October 2024, which disrupted the audit timeline.
- The appointment of a new Chief Financial Officer (CFO) in December 2024, requiring additional time to ensure financial reporting accuracy.
Despite these challenges, Ayo reaffirmed its commitment to completing the EQCR process as swiftly as possible and said it was actively engaging with the JSE to address the issue.
“This matter is beyond the direct control of Ayo’s management. However, we take it seriously and are committed to ensuring financial integrity. We expect to release the audited annual financial statements on or before February 28, 2025,” the company stated.
Ayo Technology Solutions’ stock struggled throughout 2024, with its share price declining nearly 30% over the year.
