The All Ordinaries Index (ASX: XAO) has recovered from an initial plunge this morning and is currently back in green territory. At the time of writing, the All Ords has gained a tentative 0.06%. But let's talk about the Sezzle Inc (ASX: SZL) share price.
Sezzle shares are on fire today. The buy now, pay later (BNPL) stock closed at $19.20 a share yesterday afternoon. But this morning, Sezzle shares opened at $20.40 and are currently trading at a price of $22 a share, up a whopping 14.58% from yesterday's close.
So what on earth is going on here that has elicited such a dramatic jump in value for the Sezzle share price?
Image source: Getty Images
Why is the Sezzle share price jumping 15% today?
Well, it's a bit of a gosh-darn mystery.
We did get some sizable news out of Sezzle this morning, which is certainly worth discussing. Sezzle had big plans for last night. Last night's trading session on Wall Street, specifically on the NASDAQ exchange, was supposed to be the Sezzle share price's big debut on the US markets.
The company had plans to launch a US NASDAQ listening, under the ticker code 'SEZL', with the first trading session scheduled for last night (Wednesday's trading for the American market).
However, things didn't exactly go to plan. This morning, Sezzle released an ASX announcement, which revealed the following:
On August 17, 2023, Nasdaq halted trading in the common stock and advised Sezzle that there currently exists inadequate publicly available shares of common stock to make a market and facilitate proper trading of common stock on Nasdaq due to the large number of shares of common stock currently held by investors in the form of Chess Depository Interests (CDIs) for trading on the Australian Securities Exchange (ASX).
The CDIs are convertible at the option of the holders into shares of Sezzle common stock on a 1-for-1 basis. Sezzle is working with Nasdaq to resolve the matter as soon as practicable to resume trading.
So it's unclear why investors are responding to this notice (or indeed, if they are even responding at all) so positively this Friday. After all, a 17% gain is nothing to sneeze at.
Perhaps investors continue to move from Zip Co Ltd (ASX: ZIP) shares to Sezzle stock, as my Fool colleague Mitchell posited yesterday. Perhaps investors weren't looking forward to Sezzle's NASDAQ debut and are rejoicing at its delay.
Whatever the reason, no doubt Sezzle shareholders are delighted by today's events.
The Sezzle share price is now up a happy 41.2% in 2023 so far.
