The Australian Securities and Investments Commission has issued two interim stop orders against Green Planet Recycling Solutions Limited.
The orders were made placed on the unlisted public company over an offer of Company Securities lodged with ASIC on 29 January 2025, looking to raise up to $20 million.
The orders were then place due to concerns about not meeting disclosure requirements, that fall under the Corporations Act and allegedly misleading statements about sustainability.
The information that ASIC says was not “adequately disclosed” includes historical financial information, its business model, proposed use of funds, rights and liabilities and capacity to pay dividends.
When and if ASIC’s finds these issues resolved they can revoke the interim stop orders, which are valid for 21 days unless revoked earlier.