03:09 PM EDT, 09/04/2024 (MT Newswires) -- International Money Express ( IMXI ) should pursue a sale of the business as it is being undervalued by public markets, Breach Inlet Capital said Wednesday in a letter to the company's board.

The investment firm, which owns 2% of the company's outstanding shares, said International Money Express ( IMXI ) could better execute its long-term growth strategy as a private company.

Breach Inlet Capital said the company has two significant growth opportunities, Digital and Europe, but needed to "aggressively" invest in people and resources to grow. In the short-term, the investment could hurt the company's profit margins and free cash flow - which International Money Express' ( IMXI ) current shareholder base seemes "unwilling to accept."

But as a privately-held company, International Money Express ( IMXI ) could "confidently invest for the long-term while avoiding constant and distracting criticism by myopic investors and analysts," according to the letter.

Breach Inlet Capital said it was publicly expressing its views due to the board's failure to "substantively respond to our concerns" during conversations with the company's management.

International Money Express ( IMXI ) did not immediately respond to a request for comment from MT Newswires.

Price: 18.11, Change: -0.02, Percent Change: -0.11