OppFi Acquires 35% Stake in Bitty Advance With Option for Full Ownership; Shares Fall-March 2024-www.financetom.com

OppFi Acquires 35% Stake in Bitty Advance With Option for Full Ownership; Shares Fall

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

OppFi Acquires 35% Stake in Bitty Advance With Option for Full Ownership; Shares Fall

Aug 1, 2024 12:04 PM

02:32 PM EDT, 08/01/2024 (MT Newswires) -- OppFi ( OPFI ) said Thursday it has purchased a 35% stake in Bitty Advance, including its servicing business, with options to acquire an additional 30% stake to become a majority owner in 2027 and buy the remaining equity to gain full ownership in 2030.

Craig Hecker will continue to serve as chief executive officer of Bitty, OppFi ( OPFI ) said.

Bitty is expected to contribute about $0.03 to OppFi's ( OPFI ) adjusted earnings per share on an annualized basis, OppFi ( OPFI ) said.

OppFi ( OPFI ) shares fell 6.2% in recent Thursday trading.

Price: 3.62, Change: -0.24, Percent Change: -6.22

Previous page： IMF warns Europe against prematurely declaring victory over inflation Next page： Mahindra, Volvo among corporations pushing for fossil fuel exit at COP28

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.

Show More Comments

Related Articles >

IMF warns Europe against prematurely declaring victory over inflation

Nov 8, 2023

The Washington-based IMF said that cost of underestimating inflation’s persistence could be painfully high and result in another painful round of rate hikes that could rob the economy of a large chunk of growth.

Mahindra, Volvo among corporations pushing for fossil fuel exit at COP28

Oct 23, 2023

Companies are increasingly committing to their own timelines for reducing their emissions, but many acknowledge that their ability to slow planet-warming CO2 emissions is contingent on faster action from governments.

This bank will cut bonus if employees don't come back to work

Nov 22, 2023

ANZ managers have informed their respective teams about the new policy this week in generic emails, reaffirming the bank's expectation that staff devote at least half their working hours in the office each month, afr.com reported.

Pakistan's national carrier resorts to flight cancellation owing to non-payment of dues

Oct 23, 2023

The airline, which was once considered the pride of Pakistan and was the first international airline to be given access to fly to Beijing, is said to be suffering millions in losses on a daily basis.