98% surge in IOUpay (ASX:IOU) share price triggers speeding ticket

Shares in the Malaysia-based buy now, pay later (BNPL) provider IOUpay Ltd (ASX: IOU) were placed into a temporary trading halt this morning. This came after the IOUpay share price skyrocketed nearly 98% to an intraday high of 85 cents in early trade.

In less than an hour of trading, IOUpay shares traded over $62 million worth of volume. This level of turnover is more than double the company’s monthly average volume. Consequently, the ASX’s figurative eyebrows were raised.

What’s the go with the IOUpay share price?

IOUpay shares were placed in a trading halt by the ASX due to the company’s abnormal share price rise this morning. The ASX issued a price query, colloquially known as a ‘speeding ticket’, to the company,