Roxas Holdings suspended for reporting failure

The PSE suspended Roxas Holdings [ROX suspended] [link] for its continued failure to submit its Annual Report for its fiscal year ending Sept. 30, 2023. ROX requested a deadline extension back on January 12, and said that it would “undertake to submit the report within 15 days of the original deadline”, which was January 15. When ROX failed to comply with its own requested amended deadline of January 30, the PSE sent notice to ROX on February 8 that it would be suspended if it did not submit its Annual Report by February 15. When ROX failed to submit an Annual Report before the start of trading yesterday, the PSE suspended the company for failure to comply with the Structured Reportorial Requirements of the exchange.

MB bottom-line: Not that ROX is a high-flying company or a basura darling, but I still mentally track when a company fails to meet its basic reporting deadlines to such a catastrophic degree that it ends up getting its stock suspended from trading. To me, that’s one of the biggest executive team red flags. The stock will remain suspended until it submits an Annual Report. But don’t look now! ROX has already applied for an extension to file its Q1/24 Quarterly Report which was due on February 14. Messy.

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