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Novatti Group ( (AU:NOV) ) has issued an update.
Novatti Group has disclosed it has been served with a Writ of Summons in the Kuala Lumpur High Court by the selling shareholders of Malaysian subsidiary ATX Fintech Holding, stemming from a dispute over the payment and timing of deferred and earn-out consideration following Novatti’s 2022 acquisition of ATX. The ATX vendors are seeking about RM7.38 million (around A$2.67 million) plus interest and costs, though most of this amount has already been provisioned in Novatti’s accounts, and the company, which disputes the claim and plans to defend the action, notes that ATX’s financial performance has improved through FY25 and into FY26, potentially mitigating concerns for investors despite the ongoing legal proceedings.
More about Novatti Group
Novatti Group is an Australian payments company that bridges traditional payment systems and regulated digital finance. Founded in 1995, it offers a single destination for online, in-person, international and card payment solutions, serving fintechs and corporates seeking tailored services in a fast-changing digital economy.
Average Trading Volume: 474,597
Technical Sentiment Signal: Sell
Current Market Cap: A$16.35M
For an in-depth examination of NOV stock, go to TipRanks’ Overview page.