SHARES of No Signboard tumbled on Friday (Mar 15) morning, as the restaurant operator resumed trading more than two years after it first called for a voluntary suspension.
As at 9 am, the counter fell as much as 90.3 per cent or S$0.028 to S$0.003 after 500 million securities changed hands.
It later clawed back to S$0.012, down 61.3 per cent or S$0.019, as at 9.22 am with some 1.4 million shares moved.
No married deals took place in early trade, according to ShareInvestor data.
The see-sawing of No Signboard’s share price comes as the group announced on Thursday that the Singapore Exchange Regulation gave it the go-ahead to resume trading, as it had satisfied the necessary conditions to do so.
Conditions included seeking a legal opinion on the validity of the resolutions passed at the group’s November 2022 extraordinary general meeting, and disclosing pro forma financial statements in relation to the acquisition of a new catering service business.
This week, the company, which has been embroiled in a series of lawsuits, also outlined its plans for the near term, including consolidating its shares six to one.
Its trading resumption comes ahead of the record date for the consolidation, which will take place on Mar 21 at 5 pm.
Trading in the consolidated shares will take place in board lots of 100 consolidated shares at 9 am on Mar 20 – the effective trading date.
