NEW YORK (TheStreet) -- Shares of Net Element (NETE) plummeted 48.23% to $2.95 in afternoon trading Monday after the mobile payment specialist entered into a debt exchange agreement with Crede CG III.
Crede paid the money to acquire certain promissory notes, which it then exchanged for common stock in the company. Net Element immediately wiped out $15,876,860 of indebtedness after the transaction, which will be reflected in the company's financial results for the quarter ending on September 30, 2014.
The stock soared last week after Apple (AAPL) announced Apple Pay, the tech giant's own version of a mobile wallet, for its iPhone 6, iPhone 6 Plus and Apple Watch devices.
More than 13.1 million shares had changed hands as of 3:15 p.m., compared to the average volume of 830,828.NETE data by YCharts
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