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Despite the announcement of what appears to be nothing but good news over the past 30 days, the Airtasker Ltd (ASX: ART) the share price fell 11.24%.
A month ago Airtasker’s shares would have cost an investor $ 1.29. Now the Airtasker share price is trading at $ 1.15. So what has been driving the share price of the online outsourcing company lately?
The month that was for the Airtasker share price
Airtasker’s share price fell 16% between the first trading session in May and its first announcement of the month.
Then, starting in mid-May, Airtasker released 2 price sensitive news to the market, both of which received positive feedback from ASX investors.
Let’s take a look at the latest Airtasker news.
On May 21, Airtasker announced its intention to acquire Zaarly.
Zaarly is a local services marketplace based in San Francisco. It has more than 597,000 users and more than 900 service providers.
Airtasker has agreed to pay around $ 3.4 million for Zaarly.
The acquisition of Zaarly is Airtasker’s first overseas expansion effort. It plans to continue its expansion in the UK in due course. Airtasker shares halt upon acquisition announcement
Increase in capital
To finance the acquisition and its international growth plans, Airtasker raised funds of $ 20.7 million.
The capital increase involved 20.7 million new shares at a price of $ 1 each offered to institutional, professional and sophisticated investors.
The $ 1 price represented a 7.4% discount from the previous closing price of Airtasker shares.
The company announced the successful placement and released its shares on May 25.
On that day, the Airtasker share price closed 12% higher than on its previous trading session.
Airtasker share price snapshot
Despite its recent drop, Airtasker’s share price is still in the ASX green.
Currently, it’s 9.05% higher than it was when it debuted on the ASX in late March. Its opening price was only $ 1.05.
The company has a market capitalization of approximately $ 479 million, with approximately 413 million shares outstanding.