- IOUpay (IOU) launches a $1 million share purchase plan (SPP) to “enhance” its financial position
- Under the plan, eligible shareholders will be able to subscribe for $30,000 worth of new shares at 4.5 cents per share
- IOUpay says the funds will go towards general working capital and the progression of operations such as new product development and an expansion in South East Asia
- Meanwhile, Company Secretary Jarrod White has resigned, to be replaced by Louisa Ho, effective immediately
- At market close, IOU shares had fallen 14.29 per cent to 4.8 cents
IOUpay (IOU) has launched a $1 million share purchase plan (SPP) to “enhance” its financial position.
Under the SPP, eligible shareholders will be able to subscribe for up to $30,000 worth of shares at 4.5 cents per share.
The share price represents a 15.4 per cent discount to the company’s volume-weighted average price over the last five days.
IOUpay said the new funds would be directed towards myIOU buy now, pay later (BNPL) portfolio growth, new product development and technology platform enhancements, and development costs associated with an expansion in South East Asia.
The SPP opened on November 11 and will remain open until December 16, with new shares to be issued on December 22.
Also announced today, Company Secretary Jarrod White has resigned. Louisa Ho has been named as IOU’s new Company Secretary, effective immediately.
The company will continue to engage with Mr White on a consulting basis to assist in representing the company with ASX liaison, compliance and governance advice.
At market close, IOU shares had fallen 14.29 per cent to 4.8 cents.