Ann: Suspension from Official Quotation, page-358

What a massively ill-informed and ignorant post.

ASIC's role - read it. https://www.asic.gov.au/about-asic/what-we-do/our-role/#what (excerpts below)
[q]
As the markets regulator, we assess how effectively authorised financial markets are complying with their legal obligations to operate fair, orderly and transparent markets. We also advise the Minister about authorising new markets.
On 1 August 2010, we assumed responsibility for the supervision of trading on Australia’s domestic licensed equity, derivatives and futures markets.
The laws we administer give us the facilitative, regulatory and enforcement powers necessary for us to perform our role. These include the power to:
* make rules aimed at ensuring the integrity of financial markets
[/q]

A standard part of that assessment is monitoring for unusual trading surges that may indicate breaches of regulations and law, within the context of the current trading environment, and the company's current performance.
Brokers, research houses, financial newsletters etc., all of whom are licenced by ASIC, will have any conduct relating to said trading surges examined.

Having said all that, my opinion is that ASX and ASIC have dropped the ball on this somewhat.
I'm surprised ISX never got a pause in trading during its rollercoaster ride, to maintain an orderly market, especially that time it dropped to around 65c briefly.
Rare occurrences, but they do happen.

Additionally I will say that ASIC only tend to take definitive action when the rich or powerful have lost out.
There are countless examples of ASIC pretty much washing their hands of microcap manipulation and shenanigans, as it mostly impacts only retail investors.

I have no idea where this investigation is headed, but an ASX300 company, seeking an ADI, bouncing around like an arcade pinball is not a good look for the ASX and ASIC. It damages Australia's reputation internationally and makes the ASX look like a tinpot back alley trading house.
Let's hope this is resolved suitably soon.