Booktopia, an Australian online retailer, asked the country’s stock exchange to suspend trading on Monday so it can make an announcement regarding its financial situation.
The company noted that it had a “pending update” to shareholders, which will involve the outcome of its strategic review, which began in February.
The company’s general counsel informed the ASX that it would like to request that the exchange suspend trading in its shares until the commencement of business on June 21, 2024.
The move comes just two weeks after it laid off 50 workers and its former CEO resigned.
The company, which is struggling with its financial situation, earlier this month cut 50 jobs from its head office in Sydney.
This follows the 40 people it laid off in January last year.
In June, its share price dropped by almost a 98 percent.