ASX screens in Sydney show stock prices. Photo: AFP / Saeed Khan
New Zealand buy-now-pay-later company Laybuy Group plans to de-list from the Australian stock exchange (ASX) after a turbulent two-year ride.
The Auckland-based company listed just over two years ago to a stellar debut with its price hitting a high of AU$2.30 per share.
The share price has since plunged to just A4 cents.
On Monday the company went into a trading halt and the de-listing from the ASX will be put forward for shareholder approval at a special meeting to be held on 22 February 22. The results will be announced on the same day.
At the time of listing, Laybuy founder and managing director Gary Rohloff, who was previously involved in the Ezibuy shopping catalogue business, said a listing on Australia's exchange made commercial and financial sense.
"The ASX is the most sophisticated buy-now-pay-later market in the world ... and it makes sense to be part of it," Rohloff said in September 2020.
The company had an issue price of $A1.41 per share on the ASX.
Shareholders will no longer be able to sell their shares on the ASX after 22 March but the company had engaged Catalist Markets to trade Laybuy Group shares post de-listing.
The Laybuy platform allows customers to manage payments online via its app dashboard while spreading the total cost of a purchase out over six equal payments.