Cirralto Ltd (ASX:CRO) has been granted a trading halt by ASX with an announcement in relation to the execution of five-year customer referral agreement with Mastercard pending.
The halt will remain in place until the start of regular trading on Thursday, July 8, or until an announcement is released to the market, whichever occurs earliest.
Cirralto shares last traded at 5.6 cents while the company’s market cap is approximately A$148.5million.
Agreement to acquire Invigo
On Monday, the company signed a binding share sale agreement (SSA) to acquire 100% of the issued capital of Sydney-based fintech Invigo Pty Ltd with an expected completion date of July 12.
Invigo offers both buyer and seller initiated immediate payment of invoices raised by the seller or the buyer, pay-by-instalment or immediate supplier payment, for all business customers.
The acquisition is expected to unlock multiple commercial opportunities, drive revenue growth and provide opportunities for Cirralto to deploy its Spenda products across Invigo’s customer base.
This move follows several months of negotiations and builds upon the Partnering Agreement and Strategic Loan Funding Arrangement entered into with Invigo in August 2019 and April 2021, respectively.