Splitit delists from ASX as Motive Partners snaps up controlling stake
Four years after first going public, the white-label buy now, pay later (BNPL) solution provider Splitit has voluntarily delisted from the Australian Stock Exchange (ASX) after private equity firm Motive Partners acquired a controlling stake in the company.
Splitit receives first $25m from Motive Partners
Initially announced last August, Motive Partners will invest $50 million via two equally split tranches of $25 million as part of its growth commitment to the Aussie firm.
The first $25 million instalment closed this week after Splitit’s shareholders voted last month to approve its delisting from the ASX, which has now officially been completed.
Splitit says shareholders also voted to approve “the redomicile of the Company from Israel to the Cayman Islands by means of a share-exchange accomplished through a merger”, which the company said in August was scheduled for Q1 2024.
Shareholders were given the option ahead of the delisting to either sell their stakes or to carry them forward into the new private company.
The second tranche hinges on Splitit achieving certain milestones related to its full-year financial performance for 2023, which the paytech claims to be “currently exceeding”.
Splitit managing director and CEO, Nandan Sheth, says the investment “significantly strengthens” its balance sheet and will enable it to accelerate its white-label product strategy, product innovation and Tier One global distribution partnerships.
Should the second tranche also go through, the paytech will have successfully raised $350 million since it was founded in 2012.
Previously known as PayItSimple, Splitit’s Instalments-as-a-Service platform enables merchants and financial services firms to embed white-label payment instalment options within their own checkouts, with Alipay and Worldline among its current clientele.
I have and was never notified that the shares were delisted.
Where to from here.
My wife had split shares. We have not been notified where they are or which company took over and how do we get feedback
My wife had huge split shares. We have not been notified where they are or which company took over and how can get back our capital.
Where are my split it shares.