Here’s why the Cirralto (ASX:CRO) share price was frozen today

Shareholders are waiting for Cirralto trading to resume.
The post Here’s why the Cirralto (ASX:CRO) share price was frozen today appeared first on The Motley Fool Australia. –

The Cirralto Ltd (ASX: CRO) share price was frozen today while the company prepared to release news regarding its agreements with Mastercard (NYSE: MA) and Fresh Supply Co.

The Cirralto share price sat at 61 cents, the same level as at last Friday’s close and where it has been all week.

The company released an announcement to the ASX saying it would voluntarily suspend the trading of shares while it plans the announcement of its first trade customers under the agreements.

Cirralto is a transaction services business that supplies business-to-business payment solutions and digital trading software.

Let’s take a closer look at what has halted the Cirralto share price.

Cirralto’s trading halt

Cirralto has initiated a trading halt to ready itself for the release of what might be an exciting announcement.

However, Cirralto stated, with or without an announcement, its shares will resume trading on Friday.

The announcement is expected to relate to Cirralto’s first trade customers under its two new partnerships.

Last Thursday, Cirralto announced two separate partnerships. One with Mastercard Asia Pacific and the other with Fresh Supply Co.

The news saw the Cirralto share price gain 14% through the day.

Under their partnership, Mastercard may introduce new sales leads to Cirralto in exchange for a fee and a cut of the profits Cirralto receives from their business.

Cirralto will keep at least 70% of the profits from customers provided by Mastercard.

The agreement will continue for five years. Cirralto’s agreement with Fresh Supply Co is also for five years.

Fresh Supply Co works as a data layer that specialises in taking operational farming data and allowing it to be used by the financial sector.

Cirralto will provide Fresh Supply Co with the ability to process payments to agriculture businesses.

The partnership will also allow the companies to use the data captured by Fresh Supply Co to pay farmers at operational milestones.

Cirralto share price snapshot

This year has been a good one for the Cirralto share price.

It is currently 52.5% higher than it was at the start of 2021. It has also gained 510% since this time last year.

The company has a market capitalisation of around $167 million, with approximately 2.95 billion shares outstanding.

The post Here’s why the Cirralto (ASX:CRO) share price was frozen today appeared first on The Motley Fool Australia.

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More reading

Why the Cirralto (ASX:CRO) share price is zooming 25% higher today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Mastercard. The Motley Fool Australia has recommended Mastercard. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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