The Securities Exchange Commission (SEC) has warned investors planning to put money in Tian Tian Ventures stock as the US ride-hailing firm has not been allowed to solicit investors in Thailand.
The SEC on Thursday issued the warning as the firm is promoting the initial public offering of its shares in traditional and social media, claiming to list its shares on the technology-oriented Nasdaq stock market.
Tian Tian Ventures has not received permission from the SEC to make the offer to investors inThailand, it said. Buyers could lose money since there is insufficient information to help investors decide, the regulator added.
The SEC said it is considering legal action against the company on violation of the Securities and Exchange Act which carries both fines and jail terms.
Tian Tian Ventures was founded in 2014 to launch the ride-hailing service on its TTgo app.
It held a meeting in Bangkok on June 15 for investors interested in its pre-IPO on Nasdaq, according to its advertisement. The company claims in the ad that it plans TTgo in Bangkok in the last quarter of this year and its IPO is estimated at US$10 (308 baht) per share.