Zip share price in usa8/3/2023 When the Sydney-listed firms unveiled the all-stock deal in February, they said it valued Sezzle at about A$491 million ($330 million), based on Zip's share price. Sezzle's biggest shareholder is Youakim, with a stake of 44%, Refinitiv data shows. Sezzle remains "dedicated to driving toward profitability and free cashflow," Executive Chairman Charlie Youakim said, adding, "(We) believe this is the best outcome for our shareholders." Zip had issued new shares to raise capital when it announced the Sezzle buyout, Chen said, adding, "This could cause some discontent amongst investors who participated." where the company stated that the transaction remained on track?" RBC Capital Markets analyst Wei-Weng Chen wrote in a client note. On Tuesday, however, the deal was off, with immediate effect, the companies said. In a June 22 trading update about a sell-off in tech stocks, Zip had said it was putting up fees and reviewing global operations outside the U.S., but that "the acquisition of Sezzle remains on track". The decision was "in the best interests of Zip and its shareholders, and will allow Zip to focus on its strategy and core business," it added. Zip, which owns the Quadpay brand in the U.S., said the two firms agreed to pull the deal because of "current macroeconomic and market conditions", without elaborating. The timing of the move underscores the sudden cooling in investor sentiment towards speculative technology firms as the Ukraine war and supply chain problems push up inflation and interest rates, eroding consumer purchasing power. rival Sezzle Inc three weeks after declaring the deal on track, a sign of the abrupt pressure on unprofitable fintech firms brought by soaring inflation. July 12 (Reuters) - Australian buy-now-pay-later (BNPL) firm Zip Co Ltd dumped a buyout of U.S.
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