Fast-growing software developer Pushpay has received a "please explain" notice from the NZX following a 22 per cent slump in its share price this month.
In response, the company said it was in compliance with continuous disclosure obligations.
Shares in Pushpay - which has developed a smartphone app used largely by churches for gathering donations - fell from $7.50 to $5.85 between market open on December 9 and 11.10am today, NZX said in its price enquiry.
The company hasn't released any price sensitive information to the market since November 20, when the firm announced it had grown annualised monthly payment transaction volume by 150 per cent from $200 million in March to over $500 million in the eight months to November.
Pushpay shares listed at $1 in August 2014 and soared to hit a record close of $8.28 on October 14 this year.
They have since fallen 28 per cent from that level, to recently trade at $6, but remain 500 per cent above their listing price.
On November 17, Pushpay chief executive Chris Heaslip said the company had increased merchant numbers by 111 per cent in the six months to September 30, ending the half year with 2102 merchants.
"The company is now targeting an increase in merchant ACMR [annualised committed monthly revenue] of over 100 per cent to more than $28 million in the six months to 31 March 2016," Heaslip said.
The company reported a $6.1 million loss for the six months to September 30.
In October Pushpay raised $18.7 million through issuing new shares at $4.88 each to a number of existing and new investors through a private placement.