Semantic is a research and development company specialising in artificial intelligence technology. The regulator has applied to the New South Wales Supreme Court to appoint provisional liquidators to investigate the company’s affairs and decide whether it should be wound up or not. ASIC alleges that Semantic may be insolvent or is likely to be insolvent. It also alleges the company failed to lodge financial statements with ASIC, hold annual general meetings and keep accurate financial records and minute books. The regulator also alleged Semantic issued shares without compliance and has issued shares to investors with a share buy-back guarantee in circumstances where the company did not have sufficient funds to meet that obligation.