Brief: Openpay Group Ltd Decides To Pause Its Existing Us Operations Indefinitely

Openpay

30/06/2022 23:57

July 1 (Reuters) - Openpay Group Ltd  OPY.AX :
    * DECIDED TO PAUSE ITS EXISTING US OPERATIONS INDEFINITELY
    * CEASE LOAN ORIGINATIONS ON OPY USA PLATFORM
    * OPENPAY'S DECISION WILL RESULT IN NO FURTHER INVESTMENT IN
ITS
EXISTING US OPERATIONS IN NEAR TERM
    * OPENPAY'S US WORKFORCE WILL BE MATERIALLY REDUCED
    * OPENPAY'S DECISION WILL RESULT IN NO FURTHER INVESTMENT IN
ITS
EXISTING US OPERATIONS IN NEAR TERM
    * OPENPAY WILL CONTINUE TO LOOK FOR COMMERCIALISATION
OPPORTUNITIES FOR BOTH OPENPAY US AND UK PLATFORMS
    * BELIEVES THAT AVAILABLE CAPITAL AND FUNDING ARE BEST
ALLOCATED
TO AUSTRALIAN BUSINESS
    * AUSTRALIAN BUSINESS CONTINUES TO GROW STRONGLY  WITH
PROFITABILITY TARGETED FOR JUNE 2023

Source text for Eikon:  urn:newsml:reuters.com:*:nASX1j2dVx
Further company coverage:  OPY.AX 

 ((Reuters.Briefs@thomsonreuters.com;))