Abaxx Technologies (ABXX) Investor update summary

Response to short-seller allegations and market concerns

• Management strongly refuted claims of fraud, financial distress, and misconduct, attributing negative reports to a coordinated short-selling campaign and emphasizing transparency, regulatory compliance, and ongoing communication with regulators.

• No regulatory investigations are underway, with full cooperation offered to Canadian and Singaporean authorities.

• Ivanhoe Capital and Kilo Capital were not undisclosed market makers; their involvement was limited to a pilot program outside the exchange.

• Allegations of wash trading and fabricated financials were addressed, with robust surveillance and compliance measures in place.

Financial position and share trading dynamics

• The company is well-capitalized, with over CAD 97 million in cash and cash equivalents, sufficient to fund operations for 6–8 quarters at current burn rates.

• Net cash burn rate was overstated by over 50% in the report; actual figures are available in public filings.

• Share price declined to C$35.84 despite recent TSX listing and C$69 million financing, with volatility attributed to low liquidity and targeted short-selling.

• Cboe's exit as a strategic partner was disclosed, with ownership consolidation increasing the stake in Abaxx Singapore to 95.41%, accretive to shareholders.

Market development and growth strategy

• The business is progressing according to its original plan, focusing on building a full-stack exchange and clearinghouse with a long-term vision.

• Market development follows a phased approach: seed, critical mass, and maturity, with current efforts centered on ecosystem connectivity and onboarding participants.

• Incentive programs for market makers and liquidity providers are standard industry practice, not fraudulent, and are disclosed in financial filings.

• Calendar spread trading and low open interest are typical in new markets; growth in open interest and volume is expected to be non-linear.