It also revealed that the company had raised $185 million to date from 3000 shareholders, via AMMA Private Equity and its relationship with accounting firms. Guvera chief executive Darren Herft is also a director and co-owner of AMMA.

In a statement Guvera said that it was considering its legal options and would be meeting with the ASX next week to discuss the decision.

"Guvera is currently reviewing its legal options and obligations and will be communicating to the market when it is more informed about the position and course of action the company can take," the company said.

AFR Weekend also contacted AMMA chief executive Paul Jansz, but received no response prior to publication.

On Twitter, Mr Herft's co-founder Claes Loberg weighed in on the ASX's decision, criticising the media's coverage, saying reporters had failed to think for themselves, and admitting it had been a tough week.

"Most stressful week of my life. All while giving up drinking... Could do with a whiskey now. But holding fast," he said.

Guvera's replacement prospectus which was approved by ASIC had 45 changes to the original document and revealed it would need to raise further cash within seven to nine months, should it raise its minimum $50 million target for its initial public offering.

After the prospectus was released, chief executive of Rivkin Securities, Scott Schuberg, said the company would have been spending 89.6 per cent of its IPO proceeds paying back creditors, retiring debt and paying commissions and fees associated with the raising and listing.


"Whereas previously they at least earmarked a few hundred thousand dollars for platform development, that has now been zeroed out and they're now left spending $5.2 million of that $50 million raised on the business, which they've stated they'll direct to purely to sales," he said.

Guvera has been criticised from tech industry leaders such as Atlassian co-founder Mike Cannon-Brookes, Freelancer chief executive Matt Barrie and Square Peg Capital co-founder Paul Bassat over its funding model that has seen the company raise $185 million via AMMA Private Equity, which is partly-owned by Guvera chief executive Darren Herft.

Guvera owes money to a range of creditors, including the Australian Taxation Office and music labels and publishers.

Another lender are the parents of Guvera director Steven Porch, who are owed $4.4 million by Guvera and at least $2 million by former Guvera director Michael de Vere.

Guvera has previously said its streaming platform has 14 million users in 10 countries, but it has not revealed the number of paying subscribers.