This may well pan out as predicted. If so, I am truly sorry to...

This may well pan out as predicted. If so, I am truly sorry to have caused so much angst among holders, but my only objective always was to give you information about how you have been swindled from the beginning. I would much prefer that you had believed me, rather than the lowlife perpetrators who ripped you off.

Splitit shares have been suspended as of 14 August. The Australian-listed BNPL fintech is trying to raise more money. And it is racing against the clock.

Splitit’s ASX shares halted at A$0.20. This represents a 90% drop in the share price since the shares peaked at A$1.86 in 2020.

In the event that Splitit fails to raise additional funding, it will breach loan covenants with Goldman Sachs. It has around A$19m of cash remaining. The Splitit announcement references options for note holders/shareholders which amount to a potential major dilution.

Leading Australian payments analyst Grant Halverson, CEO of consultancy McLean Roche tells RBI: “The most likely outcome is that Splitit delists from ASX with several shareholders in key positions to take the company private.”