The Splitit share price just popped 30%. What's with this ASX BNPL share?

Splitit shares have gone bananas today.

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Key points

  • The Splitit share price is surging
  • The BNPL company claims there isn't any unannounced news that could explain this movement
  • Splitit is due to hold its AGM tomorrow

The Splitit Ltd (ASX: SPT) share price is up 18.42% in afternoon trade.

But for most of Wednesday the buy now, pay later (BNPL) player has soared around 30% higher, peaking mid-morning at 26 cents – a pop of 36.84%.

However, this comes on a day the ASX is seeing a lot of declines, particularly with the ASX tech share space.

For example, at the time of writing, the Zip Co Ltd (ASX: ZIP) share price is down over 4.6%, the Block Inc (ASX: SQ2) share price is down 6%, and the Sezzle Inc (ASX: SZL) share price is down 7.22%.

So, why is the BNPL ASX share up so much?

What's impacting the Splitit share price?

The ASX has queried the BNPL company about why the Splitit share price has jumped so much.

Splitit said it was "not aware of any information" that hadn't been announced that would explain today's trading. It said that it had announced all material price-sensitive information.

Annual general meeting

Splitit is scheduled to hold its AGM on Thursday 28 April.

The company hasn't given any indication about any updates that it may reveal. However, it will have an opportunity to tell investors how it performed in the three months to March 2022. It may also be able to tell investors about any new merchants that it has won as well.

It will be interesting to see if the BNPL business does reveal anything tomorrow that may be deemed as price sensitive, or influential on the Splitit share price.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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