06:26 AM EDT, 09/30/2024 (MT Newswires) -- Payfare ( PYFRF ) , an international earned wage access company whose shares plunged 75% on Friday, overnight Sunday initiated a "comprehensive and thorough strategic review process" that could see the company sell itself.

This comes after Payfare ( PYFRF ), in a news release issued on Thursday, said its core services agreement related to DoorDash's DasherDirect card program will not be renewed beyond the current term in early 2025. DasherDirect is Payfare's ( PYFRF ) largest program and accounts for a large proportion of Payfare's ( PYFRF ) total revenues.

Payfare ( PYFRF ) last Thursday said it has over $100 million in cash, cash equivalents and guaranteed investment certificates and is "well capitalized" to fund strategic initiatives.

In Sunday's statement it added: "The foundation, funding, and execution of Payfare's ( PYFRF ) ongoing programs remain secure with a robust pipeline of potential new opportunities in the gig economy and EWA space."

Payfare ( PYFRF ) said its review process "will assess strategic alternatives that may include, but are not limited to strategic partnerships, strategic investments, accretive acquisitions, a potential sale, merger or other business combination".

It added: "There is no deadline or definitive timetable for the completion of the strategic review and Payfare ( PYFRF ) does not intend to comment further unless the Board has approved a specific transaction or otherwise determined that disclosure is necessary or appropriate. There can be no assurances that the strategic review will result in any specific transaction or outcome."

Payfare ( PYFRF ) lost $6.30 to $2.05 on Friday.