Afterpay to Block Shares: What happened to Afterpay shares?
It's official: Afterpay has been acquired by Block after funding from the Bank of Spain was approved. Find out what this means for your Afterpay shares here.
Key highlights:
- In August 2021 the news first broke of the global tech company Block Inc. acquiring Afterpay.
- The Afterpay share price was suspended from trading on 19 January 2022.
- All holders of Afterpay shares received Block shares in the trading session of 1 February 2022.
What happened to Afterpay?
Trading of Afterpay shares was suspended end of day 19 January 2022. Afterpay, the Australian BNPL pioneer, was fully acquired by the American multinational technology conglomerate, Block (formerly Square Inc), following a successful Scheme of Arrangement which was implemented on 1 February 2022. This acquisition marked a significant development after news broke in August 2021.
Block launched its first integration with Afterpay in February 2022, expanding the buy now pay later functionality for e-commerce sellers in the U.S. and Australia.
Who is Block (SQ2)?
Following the acquisition of Afterpay, Block is listing on Australian markets with the ticker SQ2.
Block, formerly known as Square, is a San Francisco-based company founded in 2009 providing a digital payments solution to merchants across 130 countries across the globe.
Founded by Twitter Co-Founder, Jack Dorsey, Block has grown to a Market Cap of USD$32b (as of 20/10/2022) in just over a decade of operation.
Block begin trading on the Australian Securities Exchange (ASX) on January 20. The SQ2 stock price hit $176.08 and stayed within a tight band and with low volumes for most of the day.
How to buy Block SQ2 on Stake?
Want to start investing in Block but not sure how? Learn how to buy SQ2 on the Stake stock trading platform below.
Download the Stake mobile trading app or sign up on your desktop - If you’re ready to jump into the markets, create your account with Stake and sign in.
Fund your Stake AUS account - Go to the Funds and Balances screen, and make a deposit into your account. See all the payment methods available.
Search for SQ2 - Find the stock by searching for the name ‘Block Inc.’ or simply by the ticker symbol ‘SQ2’.
Click ‘Buy’ and choose your order type - Select either a ‘Marker Order’ or ‘Limit Order’, the amount you’d like to buy and place the trade.
Monitor your investment - You now hold a position in SQ2. Monitor your investment and the performance of the security.
Find out more: Types of orders: Limit, market and stop orders
What happened to the Afterpay share price?
The Afterpay share price was suspended from trading on 19 January 2022 with SQ2 commencing trade on a normal settlement basis from 2 February 2022.
What will happen to my Afterpay shares?
All holders of Afterpay shares received Block shares in the trading session of February 1.
This does not constitute financial product advice nor a recommendation to invest in the securities listed. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking appropriate financial or taxation advice before investing.
