Xurpas slumps on trade resumption

MANILA, Philippines — Shares of Xurpas Inc. slumped on the resumption of its trading, which was suspended by the Philippine Stock Exchange (PSE) in September 2020.

The company’s shares closed at P0.475 per share, down by 13.64 percent after opening at P0.55 per share, its last closing price on Sept. 18, 2020 when trading of its shares was suspended pending compliance with the disclosure requirements.

The PSE required Xurpas to submit a full and comprehensive disclosure pertaining to the details, business impact, and material implications of the company’s transactions with Wavemaker US Fund Holdings LLC.

Xurpas, chaired by Nico Nolledo, is a technology company that specializes in the creation and development of digital products and services for mobile end-users, as well as the creation, development and management of proprietary platforms for mobile operators.

The company provides mobile marketing and advertising solutions integrated in these consumer digital products and platforms for the consumption of mobile users.

Xurpas is also engaged in platform development and customization, system integration, mobile platform consultancy services, management of off-the-shelf application and social media related services.

Another related transaction scrutinized by the PSE is the company’s purchase of 100 percent of Wavemaker Group Inc.

On Dec. 22, 2021, Xurpas reported that it received a written notification from Frederick Manlunas of the Wavemaker Group terminating the subscription agreement, stock purchase agreement, and such other agreements executed with the company due to failure to close the transaction by Dec. 31, 2020.

Accordingly, no Xurpas shares were issued in favor of the subscribers. Moreover, Xurpas did not receive any Wavemaker shares.