Booktopia’s stock market suspension signals further trouble

Nathan Jolly

June 19, 2024 3:57

Booktopia has followed up a trading halt last week with a suspension from quotation, as the online book retailer undergoes a strategic review.

The stock market suspension is “pending the release of an announcement regarding further outcomes from the previously announced strategic review including its progress in seeking additional funding”. It is expected to be lifted on Friday morning.

The bookseller embarked on its strategic review in February after reporting a 21% revenue drop for the last six months of 2023. Earlier this month, Booktopia laid off 50 staffers, CEO David Nenke stepped down from the role over only a year in the top job, and co-founder Tony Nash took over as chief.

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Nathan Jolly

Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.