GetSwift shares dive on return to trade

Shares in GetSwift are down more than 50 per cent on their return to trade even though the firm has been cleared of breaching continuous disclosure obligations.

Shares in logistics software company GetSwift have shed more than half their value on their return to trading after a month-long investigation found the logistics software firm had not breached its continuous disclosure obligations.

GetSwift shares, which last traded at $2.92 on January 19, slumped as much as 66 per cent on their return to market and were still down 56.5 per cent at $1.27 at 1200 AEDT.

GetSwift managing director Joel Macdonald said the initial stage of a review by PricewaterhouseCoopers determined that the company is in compliance with its obligations.

"While PwC is continuing its engagement, GetSwift is comfortable that no further disclosure is required and accordingly, is pleased to now confirm that it is in compliance," Mr Macdonald said in a letter to the ASX.

"GetSwift continues to work with PwC in relation to compliance with the listing rules."

The company shares had been suspended following a Fairfax Media report that the firm had made premature revenue forecasts and misrepresented trial deals as permanent contracts.

GetSwift shares were valued at more than $4 as recently as December.