04:46 PM EDT, 05/29/2024 (MT Newswires) -- Clip Money ( CLPMF ) , whose shares fell 24% on Wednesday, after close said it is expanding its network of deposit-capable automated teller machines (ATMs) following a successful pilot program.

The company said it is adding 50 ATMs capable of handling deposits in convenience stores in Florida, Texas and Virginia, following a five-store pilot in Dallas.

The ATMs allow small businesses to deposit funds into their commercial treasury accounts. The ATMs add to the company's network of "multi-bank, self-service deposit system for businesses through its network of ClipDrop Boxes".

"We are excited to partner with the ATM operator and their extensive network to modernize cash access for their customers. For too long, this industry has lacked significant innovation, and we believe there is a big opportunity to modernize cash management for businesses," chief executive Joseph Arrage said in a release.

The company's shares closed down $0.045 to $0.145 on the TSX Venture Exchange.