Abaxx Announces Conclusion of Independent Investigation; Findings Refute Short-Seller Allegations
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- Investigation’s findings confirmed the Company’s trading activity and market disclosures with respect to the allegations were accurate and compliant in all material respects.
- Insinuations that market-making incentive programs are inherently problematic distort their established and essential role in developing liquidity in new commodity futures markets.
TORONTO, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (TSX:ABXX) (OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), today announced the completion of the independent investigation conducted by the board of directors’ Audit Committee to examine allegations made in a series of short-seller reports published in June 2026 and subsequent related commentary.
The Audit Committee’s independent investigation concluded that the material allegations and claims set forth in the reports, including claims that Abaxx manipulated trading activity on Abaxx Exchange or failed to disclose material information, are unjustified by the facts and financial records of the Company.
“The independent investigation found that all of the material allegations about the Company's business are unfounded,” said Scott Leckie, Independent Director and Chair of the Audit Committee. “Moreover, the findings reinforce what Abaxx has consistently stated, which is that the allegations demonstrate a profound ignorance of how futures exchanges are built and the overall pattern of trading activity on Abaxx Exchange is consistent with what one would expect to see on a new exchange and in new futures markets.”
In conducting the investigation, the Audit Committee, which is comprised of independent members of Abaxx’s board of directors, retained Fasken Martineau DuMoulin LLP (“Fasken”) as its independent Canadian legal counsel and TSMP Law Corporation as independent legal counsel in Singapore. Fasken, in turn, retained Grant Thornton Singapore Private Limited, a major international public accounting firm, and William Knottenbelt, an independent industry expert with over 40 years of experience in global futures markets, and former Senior Managing Director and Head of International with CME Group to assist in its efforts.
The investigation had the full cooperation of the Company and unrestricted access to relevant information. The review included a forensic analysis of order book and transaction records, an extensive search of documents and electronic communications, and interviews of key Abaxx Exchange personnel.
The Investigation’s findings confirmed the Company’s trading activity and market disclosures with respect to the allegations were accurate and compliant in all material respects. Based on the results of the independent investigation, the Audit Committee has determined that these allegations require no further inquiry or response.
About Abaxx Technologies
Abaxx Technologies Inc. (TSX: ABXX | OTCQX: ABXXF) is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transformation and the transition to an AI-augmented economy.
In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore, the owner of Abaxx Exchange and Abaxx Clearing, parent company of wholly owned subsidiaries Abaxx Spot and Adaptive Infrastructure, and founder of Abaxx Labs and the SmarterMarkets™ podcast.
For more information, visit investors.abaxx.tech, abaxx.exchange, abaxxspot.com and smartermarkets.media
For more information about this press release, please contact:
Steve Fray, CFO
Tel: +1 647-490-1590
Media Inquiries
Tara Hayes
Email: tara@abaxx.tech
Investor Inquiries
Tel: +1 246 271 0082
E-mail: ir@abaxx.tech
Cautionary Statement Regarding Forward-Looking Information
This press release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “believe”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “could”, “target”, “propose”, “goal”, “objective”, “ongoing”, “potential”, “likely” or the negative thereof or similar expressions.
In particular, this press release contains forward-looking statements including, without limitation, statements regarding Abaxx’s objectives, future plans and development of its market infrastructure and technology. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Factors that could cause actual results to differ materially include, among others: risks relating to the global economic climate; the risk that trading volume, average daily volume, and open interest on Abaxx Exchange may not continue to grow, or may decline, if the liquidity-related credits provided under Abaxx’s market maker and liquidity provider programs are reduced, discontinued, or otherwise changed, or if market participants who currently trade on Abaxx Exchange in connection with such programs do not continue to trade, or do not increase their trading activity, independently of such programs; changes in market conditions, trading activity and participant responses; failure or delays related to the onboarding of clearing members; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of intellectual property and proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; the failure of energy, commodity markets and collateral use cases to develop according to the expectations of Abaxx; risks related to operations in foreign jurisdictions; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third-party software license risk; system failure risk; risk of technological change; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; volatile securities markets impacting security pricing unrelated to operating performance; changes in global weather patterns; changes in the price of commodities, capital market conditions, restrictions on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management’s discussion and analysis filed on SEDAR+. In addition, particular assumptions which could impact future results of the business of Abaxx include, but are not limited to, Abaxx’s assumption that: market conditions will be supportive and participant demand will be sustained; trading volume and liquidity on Abaxx Exchange will continue to develop over time, independently of its market maker and liquidity provider programs; additional clearing members will complete onboarding and begin clearing activities according to Abaxx’s expectations; Abaxx will be able to execute its business plan and growth strategy; Abaxx will retain or successfully replace its key personnel; Abaxx will protect its intellectual property rights; energy and commodity markets will continue to develop according to Abaxx’s expectations; collateral use cases for Abaxx’s products will develop in line with Abaxx’s expectations; the demand for centrally cleared, physically deliverable futures and derivatives will grow as anticipated; regulatory approvals required for Abaxx’s products and operations will remain in good standing or will be obtained as required; applicable laws and regulations will not change in a way that adversely affects Abaxx’s business, and that its technology, systems and infrastructure will operate as intended without significant failure, security breach or disruption; third- party service providers, clearing and settlement partners and other service providers will continue to perform their obligations and act according to Abaxx’s expectations; general economic and capital market conditions, commodity prices, currency exchange rates and the supply chain environment will not deteriorate in a way that materially affects Abaxx or its participants, and that Abaxx’s competitive environment will not change materially. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.
Abaxx cautions that the foregoing list of material factors, risks and assumptions is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking statements and information contained in this press release represent the expectations of Abaxx as of the date of this press release and, accordingly, are subject to change after such date. Abaxx undertakes no obligation to update or revise any forward- looking statements and information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Neither the Toronto Stock Exchange nor any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
