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WebsiteDIGIASIA CORP Overview
DIGIASIA CORP (NASDAQ: FAAS) is a Singapore-based provider of digital transformation solutions, specializing in Internet of Things (IoT), information and communications technology (ICT), and artificial intelligence (AI). Its leadership team includes Bhargav Marepally, a board member with SPAC and IT strategy experience, and Hendra Sumiarsa, a multi-CXO executive in IoT and AI. The company operates in the Asian markets focusing on technology deployment.
Corporate Structure and Expertise
While exact headcount figures are not publicly disclosed, DIGIASIA maintains a structured management hierarchy. Key roles include:
- Executive Leadership: Board members and C-suite executives drive digital strategy and strategic partnerships.
- Human Resources: Specialists oversee talent acquisition and workforce engagement to support the company’s technical and operational growth.
- Technical Teams: Departments focused on software development, system integration, and data analytics underpin the company’s service offerings.
Digital Transformation by Marvin Meyer
Recent Developments and Filings
On September 15, 2025, DIGIASIA filed Form 6-K with the SEC, reporting the board’s decision on September 12 to voluntarily withdraw its common stock and warrants from listing on the Nasdaq Capital Market. This move indicates an intended shift toward private ownership.
Earlier, on August 21, 2025, the company announced in another Form 6-K that it appointed EC Barrett, LLC as its independent auditor, replacing BDO India LLP. The prior audit for the year ended December 31, 2023, included an explanatory paragraph regarding the company’s ability to continue as a going concern and noted a material weakness in internal controls over financial reporting.
Additionally, a Schedule 13G/A filed on August 14, 2025, shows that Arena Investors, LP and affiliates beneficially own 7,238,921 shares, representing 9.99% of total shares outstanding as of June 30, 2025.
Financial and Strategic Analysis
As of the market close on September 16, 2025, DIGIASIA’s share price stood at $0.0879, reflecting a 30.29% decline on unusually high trading volume (8,407,968 shares). This price movement is associated with investor reactions to the delisting announcement.
Key strategic considerations:
- Delisting Impact: Transitioning off Nasdaq may reduce public reporting obligations but could limit liquidity and access to capital markets.
- Governance Measures: The auditor change and steps to address internal control weaknesses may enhance financial oversight ahead of private operations.
- Risk Profile: Ongoing regulatory requirements, competitive pressures in the technology sector, and the noted going concern uncertainty remain material considerations for stakeholders.
Market Position and Industry Context
DIGIASIA operates in a competitive landscape of digital solutions providers serving manufacturing, logistics, and smart-city initiatives. Its emphasis on IoT and AI aligns with broader industry trends toward automation and data-driven decision-making. By withdrawing from public markets, the company may seek greater operational flexibility to pursue strategic partnerships and mergers without quarterly reporting constraints.
tl;dr
On September 12, 2025, DIGIASIA’s board voted to delist its stock and warrants from Nasdaq, prompting a 30.29% share price drop to $0.0879 on September 16. Earlier filings in August highlighted a change of auditor to EC Barrett, LLC and a material weakness in financial controls. Arena Investors holds a 9.99% stake as of June 30, 2025. The company’s next steps include finalizing the delisting process and addressing governance controls, positioning it for operations as a privately held entity.
