Payright gets speeding ticket from the ASX after 32% share price surge
Australian fintech Payright (ASX:PYR) is the most recent payments company listed on the Australian Securities Exchange to receive a speeding ticket from the exchange. The fintech received the ticket on 16th February 2021 after its share prices soared by a whopping 32%. On the morning of 16th February, Payright opened at 95 cents a share and rose to $1.22 per share (32%), which resulted in the speeding ticket.
What does a speeding ticket from the ASX mean?
A ‘kindly explain’ speeding ticket from the exchange is standard procedure at the ASX if any listed company experiences an apparently unprovoked rise in share prices of high magnitude. In response to the speeding ticket from the ASX, the listed payment company Payright issued a release through which it confirmed in direct language that it has no clue as to what might have caused this sudden surge in its share prices and trade volume.
What Payright exactly told the ASX? It said “no, the company is not aware of any reason for the recent trading activity in the securities of the Company”.
Payright: An Australian payments fintech
Established in 2016, Payright is an Aussie payments plan provider. The fintech was founded by brothers Myles Redward and Piers Redward. The company is headquartered in Melbourne, Australia and is registered as Payright Limited. It got listed on the Australian Securities Exchange in December 2020 and trades under the ricker code ‘PYR’. The payments fintech offers merchants a ‘buy now, pay later, flexible option for payments to offer their customers. The fintech platform is intended for ‘bigger ticket items’, meaning items that are purchases that have bigger buying cycles and are more considered purchases rather than smaller, impulsive buying decisions.
As a responsible BNPL platform, Payright performs extensive credit checks and extensive identification processes to verify the repayment capacity of a customer. Merchants registered on the Payright platform are paid in full and upfront on the same day a customer buys it. It offers a diverse mix of wide-reaching products and services including home improvement, education, photography, health, beauty and dental.
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