NSX Limited's Court Application and Funding Update

NSX Limited (ASX: $NSX) has made a court application under section 1325A of the Corporations Act to reverse shares issued to substantial shareholder ISX Financial EU plc, aiming to rectify inadvertent non-compliance with the Act and the Listing Rules. The company has also arranged replacement financial resources and a mechanism for a replacement share issue to be approved by shareholders.

Executive Commentary on NSX's Court Application and Funding Update

The company has taken decisive steps to address the inadvertent non-compliance with the Corporations Act and the ASX Listing Rules. The court application under section 1325A of the Corporations Act aims to effectively reverse the shares issued to substantial shareholder ISX Financial EU plc, which were found to involve a contravention of the Act and the Listing Rules. Additionally, the arrangement of replacement financial resources and the mechanism for a replacement share issue demonstrate our commitment to rectifying the situation and ensuring compliance with regulatory requirements.

Summary of NSX's Court Application and Funding Update

NSX Limited has taken proactive measures to rectify inadvertent non-compliance with the Corporations Act and the ASX Listing Rules by making a court application under section 1325A of the Act to reverse shares issued to substantial shareholder ISX Financial EU plc. The company has also arranged replacement financial resources and a mechanism for a replacement share issue to be approved by shareholders. NSX intends to seek shareholder approval for the conversion of Convertible Notes in full at its Annual General Meeting in November 2024. The lifting of the suspension of quotation of NSX shares has been requested from ASX, and the company remains focused on addressing the situation and ensuring compliance with regulatory requirements.