Creso is once again in a trading halt…
The post Why is the Creso Pharma (ASX:CPH) share price frozen today? appeared first on The Motley Fool Australia. –
The All Ordinaries Index (ASX: XAO) enjoyed a very pleasing day of gains on Tuesday. The All Ords finished the day up 0.33% at 7,587.4 points. But one ASX share wasn’t even trading today. That would be the Creso Pharma Ltd (ASX: CPH) share price.
Creso shares closed at a share price of 9.6 cents yesterday afternoon. And that’s where they will be staying, at least for a while.
That’s because Creso announced that it has requested a trading halt, effective this morning. The company has said that this precedes it “releasing an announcement”, with the shares to remain halted until this announcement is made public, or until 2 December (Thursday this week).
And that’s all we know for now.
Creso shares notch third ASX trading halt for November
But this isn’t Creso’s first rodeo, as it were. This ASX cannabis share was also placed in a trading halt just last week on 23 November. Before that, there was another halt, that one on 16 November.
The former halt was initiated in order for the company to inform investors that the Australian Securities and Investments Commission (ASIC) had requested Creso to “produce certain documents to ASIC in connection with an ASIC investigation”.
This notice also informed the market that “ASIC’s investigation includes suspected contraventions by the Company [Creso], its officers, agents, employees and representatives in relation to trading in its securities”. Creso stressed that “it should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity”.
So today’s announcement means that it is the third such trading halt Creso has experienced over just the month of November.
Given that the last two halts didn’t contain much in the way of good news, shareholders will likely be nervously awaiting what the company has to say next.
Until then, it doesn’t look like the Creso share price will be available for public trading.
The post Why is the Creso Pharma (ASX:CPH) share price frozen today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.