By Ben Glickman
Trading of Sezzle shares were halted on their first day of trading on Nasdaq after the exchange said there were not enough publicly available shares to make a market.
The Minneapolis-based buy-now-pay-later platform said Friday that its shares had been halted a day earlier because Nasdaq said there were an inadequate number of shares to make a market and facilitate proper trading. Sezzle has a large number of shares of common stock held by investors through the Australian Securities Exchange.
The company’s Chess Depository Interests trade on the ASX and are convertible to common stock shares on a 1-for-1 basis.
Sezzle said it was working with Nasdaq to “resolve the matter as soon as practicable to resume trading.”
The company’s common shares were approved Thursday for listing on Nasdaq and began trading under the ticker SEZL. The stock nearly quadrupled in price before being halted.
Write to Ben Glickman at [email protected]
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