If AFFU is conducting a Reverse Acquisition now.
They better get there rear in gear and clean up the deception. Or else face the music. They can't announce an acquisition then call it a Reverse Acquisition in the same context.
Under IFRS 3, the accounting acquirer (MTi) is determined based on who gains control, regardless of legal ownership. If MTi becomes the accounting acquirer, AFFU should revise its press release to clarify this, ensuring compliance with financial reporting standards and avoiding potential legal or regulatory issues.
Reverse acquisitions are legal, but accurate disclosure is critical to avoid misleading investors and maintain trust. Regulators like the SEC may scrutinize such transactions for proper reporting.
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