- Splitit Payments’ (SPT) announcement with Mastercard has prompted speculation that 9 Spokes (9SP) will soon enter a similar agreement with Visa
- The speculation fuelled 9 Spoke’s share price yesterday, which rose from a low of 2.1 cents to a high of 3.5 cents
- The ASX then intervened with a price query that questioned the spike, as no new announcements were put out by the company on Friday
- 9 Spoke’s shares are still trading at 3.5 cents per share, a rise of 25 per cent
Speculation that 9 Spokes (9SP) and Visa were about to sign a deal, similar to Splitit Payments (SPT) deal with Mastercard, has seen the company’s share price grow significantly.
9 Spokes shares jumped from selling for as low as 2.1 cents per share yesterday, to a high of 3.5 cents today.
The data tracking and analytics company said general market speculation that 9 Spokes was about to enter into a similar deal with Visa pushed the share price up.
Providing clarification on a potential deal, 9 Spokes CEO Adrian Grant said the company provided an update on their negotiations with Visa back in a report tabled April 16, 2020.
“In March 2019, 9 Spokes notified the market that a Collaboration Framework Agreement was signed with Visa,” the report said.
“The parties extended that agreement in November 2019 with an addendum, enabling Visa and 9 Spokes to explore a potential opportunity to make the 9 Spokes solution available to Visa’s issuing bank clients and their SMEs worldwide.”
The negotiations between Visa and 9 Spokes continue in good faith.
9 Spokes shares are currently worth 3.5 cents each, representing a rise of 25 per cent.