- Openpay (OPY) completes its share purchase plan (SPP), raising $5.86 million to support its Australia and New Zealand (ANZ) strategy
- Initially, the company sought to raise up to $2 million but because of strong demand, Openpay accepted oversubscriptions
- The offer was conducted in conjunction with OPY’s successful $18.25 million two-tranche placement, setting the combined raise at $24.11 million
- The tentative issue date of SPP shares is August 16 and they will commence trading on the ASX on August 17
- Shares in Openpay are down 3.51 per cent, trading at 27.5 cents at market close
Buy now pay later group Openpay (OPY) has completed its share purchase plan (SPP), raising $5.86 million to support its Australia and New Zealand (ANZ) strategy.
Initially, the company sought to raise up to $2 million but because of strong demand, Openpay accepted oversubscriptions which gave shareholders the “greatest opportunity” to participate and a “more meaningful [way]” to increase their holding.
The offer was conducted in conjunction with the company’s successful two-tranche placement that raised $18.25 million at $0.24 a share, setting the combined raise at $24.11 million.
Commenting on the significant shareholder support for the SPP, Chairman Patrick Tuttle said the company is “extremely pleased and humbled” by the level of support shown by its shareholders.
“This capital raise provides important funding to support Openpay ANZ’s accelerated pathway to profitability,” he said.
Activities the company will do with the funds include acquiring new merchants and new customers at scale in ANZ, platform and technology enhancements, and contributing to its rapidly growing receivables book.
The tentative issue date of SPP shares is August 16 and they will commence trading on the ASX on August 17.
Shares in Openpay were down 3.51 per cent, trading at 27.5 cents at market close.