Why Shares of Katapult Are Plummeting Today

Shares of the lease-to-own financing company Katapult Holdings (NASDAQ: KPLT) had dropped by nearly 18% as of 12:15 p.m. ET after the company provided an update on gross originations. Katapult is similar to a buy now, pay later company, but it charges interest on purchases and will make loans to borrowers across a wider credit spectrum. The company reported that gross originations between Oct. 1, 2020, and Nov. 30, 2021, totaled more than $40 million, which represents a decline of more than 3% from the same period a year before.