JSE suspends South African tech firm

The Johannesburg Stock Exchange (JSE) has issued an announcement informing shareholders of its decision to suspend Ayo Technology Solutions’ listing on the exchange.

The JSE says the company has failed to comply with its listing requirements by failing to publish its annual report for the year ended 31 August 2024.

“Accordingly, in accordance with the provisions of the requirements and the Financial Markets Act, the listing of the company’s security has been suspended with immediate effect,” the JSE stated.

Ayo Technology Solutions notified shareholders of the delay in publishing its annual results in various Stock Exchange News Statements, the latest of which was posted on Friday, 14 February 2025.

It explained that the wait was due to delays in finalising its financial results audit, which it added was out of the control of its management team.

It said the Auditor’s Engagement Quality Control Review (EQCR) had not yet commenced, adding that the thorough process is designed to ensure the highest standards of corporate governance.

Ayo said the EQCR process would only commence once its results had been audited.

It also provided various other excuses:

• The resignation of the joint external auditor, Thawt Inc., in October 2024 caused unavoidable delays in the audit process; and
• The appointment of Ayo’s new CFO in December 2024 required additional time for assurance over financial reporting.

Ayo said it is committed to completing the EQCR process as quickly as possible, and it engaged with the JSE regarding the delays.

“This matter is beyond the direct control of Ayo’s management, and Ayo takes it seriously to ensure the financial integrity of the results. Ayo expects, therefore, to release the audited AFS on or before 28 February 2025,” it said.

Ayo Technology Solutions’ stock performed poorly in 2024, with a share price decline of nearly 30%.