Zip share news1/7/2024 ![]() Zip’s arrears grew to 2.29 per cent of its total transaction volume at the end of March compared to 1.64 per cent in December, with bad debts reaching 3.4 per cent.Quarterly revenue dropped by 4 per cent compared to the December quarter to $155 million, with quarterly transaction volumes down 21 per cent to around $2 billion.Zip says the March quarter is typically a weaker seasonal period for the business, and though financial metrics are down quarter-on-quarter, they have improved year-on-year.Zip Co (ZIP) flags an increase in customer and merchant numbers over the March 2022 quarter, though its financial performance continues to dip.AVZ AVZ Minerals (ASX:AVZ) further extends voluntary suspension.BMR Ballymore Resources (ASX:BMR) receives initial results from Ruddygore.RIE Riedel Resources (ASX:RIE) shares soar on Tintic results.JIN Jumbo Interactive (ASX:JIN) delivers preliminary FY22 results.CRR Critical Resources (ASX:CRR) Managing Director and CEO Alex Biggs leaves company.MZZ Matador Mining (ASX:MZZ) raises $4.5m for exploration.LGM Legacy Minerals (ASX:LGM) gets drill results from Harden, NSW.CAR (ASX:CAR) completes $183m retail offer.RIO Rio Tinto (ASX:RIO) warns of earnings hit from inflation and COVID-19.1MC Morella Corporation (ASX:1MC) meets first year earn-in milestone at Fish Lake Valley.REX Regional Express (ASX:REX) subsidiary to acquire National Jet Express for $48m.RXH Rewardle (ASX:RXH) secures $290k R&D financing facility.OKR Okapi Resources (ASX:OKR) commences exploration in Athabasca Basin.PXX PolarX (ASX:PXX) reshuffles senior management team.5GG Pentanet (ASX:5GG) renews site licence agreements with Axicom.This transaction will help bring that scale to Zip and Sezzle and positions them as a stronger player in the global market. Mr Rear said: “The Buy Now, Pay Later space is at a critical juncture and it is clear that scale is a priority. Skadden, Arps, Slate, Meagher & Flom LLP and Arnold Bloch Leibler are providing legal advice to Zip and BofA Securities and Jarden-Evercore are acting as financial advisers to Zip. Sezzle is also advised by Ropes & Gray as US legal counsel and Goldman Sachs as financial advisor. He is supported by Michael Gajic, a corporate partner in our Sydney office, senior associate Michael Van Der Ende and associates Connor McClymont, Josh Walsh and Sophie Davey. Simon Rear, a corporate partner in the firm’s Perth office, is leading the team advising Sezzle. This marks the third major transaction that the firm has worked on for Sezzle, including its A$217 million ASX listing and IPO on the ASX (which received an Excellence Award in the ECM Deal of the Year category at the 2020 Australasian Law Awards) and a subsequent A$86 million fundraising in 2020. The combination of Zip and Sezzle will develop the product offering of both entities, with the combined entity having enhanced scale across 8.8 million customers and more than 60,000 merchants in the US. Sezzle provides a payments platform that facilitates fast, secure payments between shoppers and retailers, via a short-term, interest-free instalment payment plan that delivers to shoppers both a budgeting and financing value proposition. Zip has also announced a capital raising to raise up to A$198.7 million to strengthen Zip’s balance sheet and position the combined entity for sustainable growth. Sezzle stockholders will be entitled to receive 0.98 Zip ordinary shares for every Sezzle share or CDI held, valuing Sezzle at $491 million. (ASX:SZL) ( Sezzle) in relation to its acquisition by Australian-based buy now, pay later provider Zip Co Limited (ASX: ZIP) ( Zip) by way of an all-scrip merger under the laws of the Delaware. Squire Patton Boggs has advised US-based instalment payment platform Sezzle Inc.
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