Pushpay asked for 'please explain' 39% share price rally
Company has no information on lift in shares.
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Hawke’s Bay
Pushpay Holdings [NZX: PAY] says it has no material information to declare to the market, in response to a 'please explain' notice from the NZX over a 39% gain in the share price.
The stock market operator queried the movement in Pushpay's shares when they rose to $2.25 from $1.62 between March 14 and March 22.
Since then, the company hasn't announced anything to the market to explain the advance and responded to the notice by confirming it complies with all continuous disclosure obligations.
The mobile payments app developer's shares recently traded at $2.28, up 6.1% today.
Pushpay was sent a similar notice in December 2015, after its shares slumped 22% to $5.85 between December 9 and December 22.
It announced a share split on January 13, meaning shareholders received four new shares for every one existing share held on February 5.
That same day, the company said it saw revenue in the final quarter of last year increase to $20.4 million, and was confident of achieving its medium-term target of exceeding $100 million of merchant annualised committed monthly revenue by August 2018.
Pushpay provides mobile commerce tools that help make payments between consumers and merchants easier and it is geared to mobile charitable giving.
It is targeting the US faith sector for growth, where there are more than 314,000 churches with an average 500 attendees each, along with non-profit organisations and enterprises.
The company listed on the New Zealand Alternative Index on in 2014, with shares priced at $1, and moved to the main board on in June last year.
(BusinessDesk)
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Sophie Boot
Tue, 22 Mar 2016
Tue, 22 Mar 2016
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Pushpay asked for 'please explain' 39% share price rally
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