By Adriano Marchese
Shares in Axis Auto Finance jumped in early trading on Tuesday after the company said that it will consider a sale as part of a broader strategic review.
In early trading, shares were up 33% to 10 Canadian cents (7 cents), but shares continue to remain under pressure. Over the course of the last 12 months shares have been down 76%.
The Canadian fintech company said it has begun a review of strategic alternatives in response to expressions of interest.
Axis said it will evaluate a range of alternatives to determine the best path forward which may include the sale of certain assets or a potential sale or merger of the company.
While the company hasn’t set a timetable to complete the strategic review, it cautioned that there can be no assurance that the review will lead to any particular outcome.
Write to Adriano Marchese at [email protected]
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