NetGram: NetGrams has been ‘shocked’ by its ‘unprecedented’ $1 billion stock-flip

NetGrama Inc., the startup behind the company’s popular $2.99 Web-based payment card, is selling its stock for $2,700 per share, its chief executive says.

NetGram Inc. said Tuesday that it will be buying the stock for an undisclosed amount.

The stock closed Tuesday at $2,-.80 a share.

NetGnam shares closed at $1.98 in January 2016, according to FactSet.

Netgram’s stock soared after the company raised $1 million from investors.

The $1,000-a-share cash infusion will help it to expand its business and meet regulatory requirements, NetGraphic Chief Financial Officer John Gormley said in a statement.

Netgraph, which makes credit card terminals for online merchants, is now valued at more than $1bn, according Google.

NetGraph’s shares are up 14% over the past year.

Netgram was founded in 2012 by Gormly, who is also co-founder of the San Francisco-based digital payments firm PayPal.

Netgram launched its first Web-enabled payment card in 2016, which it says has had more than 1.5 million users worldwide.