Light speed trading responded to media reports of a potential sale of the company, saying it periodically undertakes a strategic review of its operations and that it is does not intend to disclose further information unless required by its regulatory obligations.
“While Lightspeed has a long-standing policy of not commenting on market rumors, the Company notes recent media reports regarding a potential transaction involving the Company,” Lightspeed said in a statement released Wednesday, September 25. press release.
“Lightspeed periodically undertakes, and is currently conducting, a strategic review of its business and operations. with a view to achieving all its potential,” added the company. “Against this backdrop, the Company has engaged, and may continue to engage, in discussions relating to a range of potential strategic alternatives.”
The company added in the statement that its board of directors is committed to acting in the best interests of Lightspeed and its stakeholders, and that the Company does not plan to share further information on these matters unless required by its regulatory obligations.
Reuters reported On Wednesday, Lightspeed was working with a financial advisor to explore options, including a potential sale, and that potential buyers could include private equity firms.
The report adds that negotiations are in their early stages and there are no guarantees there will be an agreement.
Since Lightspeed went public about five years ago, its stock has lost more than a third of its value, according to the report. The report attributes the decline to weak consumer spending and a drop in THE Investor Enthusiasm for FinTech Stocks that was seen during the pandemic.
It was reported in March that Dax Dasilvathe founder of Lightspeed, who was then interim CEO and is now CEO, wondered if become private would be a better option for the company.
The report said Dasilva thought the stock market was a good place for Lightspeed, but he questioned whether the company could do more as a private company. He added that the cabinet is always open to discussions on this topic.
In May, Dasilva told PYMNTS CEO Karen Webster in an interview: “We have profitability as a top priority. We reduced costs across the business and achieved operational efficiencies.
