Axington Inc. will be holding an extraordinary general meeting (EGM) on August 27, where shareholders will vote on the proposed name change to NETX, and the proposed change to the core business to provide medical and consumer wellness services, as well as making investments in medical technology, robotics, and artificial intelligence (AI) in the medical and consumer wellness space.
See also: Axington EGM postponed; independent director resigns
The meeting takes place after Axington requested for a trading halt on the morning of August 26.
Shares in Axington closed 13.6% down to 19 cents on August 25 following the news that former US ambassador to Singapore Kirk Wagar has resigned from his post as an independent director of Axington.
On August 24, market regulator SGX RegCo asked Axington’s sponsor, Novus Corporate Finance, to assess the suitability of individuals appointed to the company’s boards.
The board includes Evangeline Shen, also known as Shen Che, the third partner of the Bellagraph Nova Group (BN Group). Shen was appointed to Axington as the non-independent, non-executive chairman on July 15.
The Straits Times newspaper on August 26 reported that the BN Group had said the posting of some of its marketing materials "appears to be the result of the actions of certain errant individuals, possibly with malicious intent".
The BN Group’s website, which was formerly open to the public, has been locked since the week of August 24.
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