Australia's Openpay jumps most in nearly 7 months on pivot towards U.S.

Openpay

11/01/2022 23:42

** Buy now pay later (BNPL) firm Openpay Ltd  OPY.AX  jumps
as much as 14.3% to A$0.72, its biggest intraday pct rise since
June 22
    ** Says https://investors.openpay.com.au/site/PDF/15aa9d92-d6e2-44fa-b440-8b75e492fdbc/OpenpayfurthersUSfocusandacceleratesAUprofitability
 made a strategic decision to focus on accelerating and
supporting the U.S. business as its "core growth engine"
    ** Adds that its chosen verticals in the U.S. are expected
to deliver sustainable growth and value to merchants, customers,
and shareholders
    ** Will drop acquisition of UK-based BNPL firm, Payment
Assist, and instead partner with it to roll out Payment Assist
to some UK merchants
    ** Adds that Managing Director & Group CEO Michael Eidel
will leave OPY, and Ed Bunting will be appointed interim Group
CEO
    ** Logs record quarterly Australian total transaction value
(TTV) of A$87 mln ($62.73 mln), resulting in YTD TTV of A$160
mln, up 44% from last year
    ** About 540,000 shares change hands, vs the 30-day average
volume of about 395,000 shares
    ** OPY down 13.1% this year, as of last close

($1 = 1.3870 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))