Stock market operator NZX is "assessing" Plexure's recent trading after the stock soared 26 per cent a day before announcing an agreement with the biggest McDonald's franchisee in Latin America and the Caribbean.
Plexure Group, the digital advertising firm formerly known as VMob, announced the deal today, sending the shares up a further 33 per cent to 32 cents. The stock sank to a record low 19 cents on December 22, and has dropped 46 per cent this year.
The deal with Arcos Dorados Inc has a contracted starting fee of about $1.1 million of annualised committed monthly revenue (ACMR), Plexure said. The company rebranded in July to shift away from the idea it's solely focused on mobile devices and reflect the role it plays for global brands including McDonald's and Ikea.
"NZX is aware of the movement in Plexure's share price over the past two days, and Plexure's announcement today regarding the entry into of contractual arrangements with Arcos Dorados Inc," the exchange operator told BusinessDesk in an email. "In accordance with NZX's routine surveillance processes, trading ahead of such a price sensitive announcement will be assessed in detail. NZX has no further comment on the matter at this time."
Plexures's ACMR - a favoured revenue measure for software-as-a-service companies - was $6m in the six months to September 30, up 25 per cent from the same period a year earlier, according to the first-half results released in November.
