Quintis goes into trading halt

Shares in sandalwood company Quintis have gone into a trading halt, after horrific losses last week including a nearly 36 per cent fall on Friday.

The company told the ASX it expects the trading halt to be in place until Wednesday when it plans to release a statement.

Quintis’s share price slumped to 29.5 cents before the halt, having crashed from $1.07 each earlier in the week after it revealed its Santalis Pharmaceuticals business had lost a contract supplying Galderma, a subsidiary of Nestle.

The company has been under assault for weeks following a negative report by US-based short seller Glaucus Research accusing the company of being a Ponzi scheme. Founder Frank Wilson left the business to participate in a potential takeover.