Selective Disclosure Allegations Put RMA Global’s Compliance Practices Under Spotlight
RMA Global Limited has firmly denied allegations of selective disclosure following a December 4 webinar that coincided with a notable share price rise. The company insists no new price sensitive information was shared beyond prior ASX announcements.
- RMA Global denies sharing undisclosed price sensitive information during December 4 webinar
- ASX queried share price jump and trading volume increase coinciding with webinar
- RMA attributes share price volatility to low liquidity and small trade volumes
- Company acknowledges overly cautious classification of webinar content as price sensitive
- RMA confirms compliance with ASX Listing Rules and provided webinar transcript
Background to the ASX Inquiry
On December 4, 2025, RMA Global Limited hosted a webinar that attracted scrutiny from the Australian Securities Exchange (ASX) after the company's shares experienced a sharp price increase and heightened trading volume. The ASX raised concerns that RMA may have selectively disclosed price sensitive information to webinar attendees before formally releasing it to the broader market, potentially breaching Listing Rules 3.1 and 15.7 which govern continuous disclosure and market fairness.
RMA Global’s Response and Denial
Explaining the Share Price Movement
RMA attributed the share price jump from 3.6 cents to 4.8 cents on December 4 to the inherently low liquidity of its stock. With relatively small trading volumes, approximately 0.03% of total shares on issue, minor buying activity can disproportionately impact the share price. The company valued the trades on that day at around $96,000, underscoring the volatility typical of low-priced, thinly traded stocks.
Compliance and Future Disclosure Practices
While RMA maintains it complied fully with ASX Listing Rules, it acknowledged that classifying the webinar announcement as price sensitive was an overly cautious approach. The company pledged to exercise greater care in future disclosures to avoid any ambiguity. RMA also confirmed that its Board had authorized the response and that the webinar transcript was provided to ASX for review, demonstrating transparency in addressing the regulator’s concerns.
Market and Regulatory Implications
This episode highlights the delicate balance companies must maintain between engaging investors and adhering to strict continuous disclosure obligations. For RMA Global, the incident serves as a reminder of the challenges faced by smaller, less liquid stocks where even routine investor communications can trigger regulatory scrutiny. Market participants will be watching closely for any further ASX guidance or enforcement actions that may arise from this inquiry.
Bottom Line?
RMA Global’s firm denial and compliance confirmation close this chapter, but the episode underscores ongoing disclosure challenges for small-cap stocks.
Questions in the middle?
- Will ASX pursue further investigation or enforcement following RMA’s response?
- How will RMA adjust its investor communication strategy to prevent future compliance concerns?
- Could the share price volatility signal underlying market interest or speculative trading beyond fundamentals?
