Thursday, 12 May 2022 21:50

US removes Chaka Technologies from list of unregistered firms

The United States Securities and Exchange Commission (SEC) has removed Chaka Technologies from the list of unregistered entities offering securities to investors in the country.

The document known as the Public Alert: Unregistered Soliciting Entities (PAUSE), was created to notify investors of companies misinforming investors in the US.

Ripples Nigeria had reported last month that Chaka and investment broker, Citi Investment Capital Limited, were listed among unregistered companies claiming to have a presence in the US.

However, following a check on Thursday, Ripples Nigeria gathered that Chaka had been removed from the list after resolving the problem of inaccurate information with the SEC.

“Under the US securities laws, firms that solicit investors generally are required to register with the SEC and meet minimum financial standards and disclosure, reporting, and record keeping requirements.

“But the inclusion of a firm’s name does not mean the company violated US securities laws or “that the SEC has made any judgment about the merits of the securities being offered by these entities,” the agency stated in a document.


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