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The trading suspension of Tapsi's stock symbol has now entered its 80th day, leaving shareholders unable to liquidate their assets. No clear explanation has been provided for the halt, and the Codal platform has yet to publish any detailed reasoning behind the decision.
Tapsi’s stock symbol was initially suspended on July 7th, with the first announcement from the OTC market indicating that the suspension would last until July 20, 2025. The stated reason for the suspension was a "review of the issuer's informational status." However, the suspension has since been extended twice, with the latest deadline set for August 17th, which has now passed by over a month without the symbol reopening.
Though no official explanation has been issued, speculation suggests the suspension stems from Tapsi’s accounting practices related to capitalizing expenses. In a press conference held in August during the "Toranji" event, it was revealed in response to a journalist's question that Tapsi’s method of auditing transitional expenses is under review. This indicates that the regulatory body has flagged issues regarding the company's expense categorization and accounting, which must be resolved before lifting the suspension.
Digito is actively seeking clarification from the Securities and Exchange Organization's management concerning this matter.
Failure to Publish Q1 Financial Statements
Adding to the concerns, Tapsi has yet to release its unaudited financial statements for the first quarter of 2025. Under existing regulations, these reports should have been published on the Codal platform by the end of July.
On August 29th, Alireza Javadipour, Head of Supervision for Listed Companies in the OTC Market, issued a notice on Codal, stating that Tapsi had failed to address its non-compliance with securities admission guidelines:
"Due to the delayed submission of unaudited interim financial statements for the three-month period, which should be submitted no later than 30 days after the end of the fiscal quarter, the company has not adhered to the disclosure requirements outlined for registered companies."
Tapsi’s Symbol Suspension
Javadipour had also formally requested that Tapsi’s CEO explain the reasons for the delay and provide a timeline for submitting the necessary information within five days. However, no official communication on this matter has been made public in the past two months.
The Codal notice advised stakeholders to consider this issue when making investment decisions.
Nevertheless, Tapsi has been granted a three-month extension until October 22nd to comply with OTC market regulations and release its quarterly report: "It is hereby announced that due to the non-compliance with Article 39 of the Securities Admission, Offering, and Transfer Guidelines in the Iranian OTC Market (non-adherence to the requirements outlined in Article 7, Section 3 of the disclosure guidelines for registered companies), the issuer has been granted a three-month grace period until October 22nd to address these issues."
