The trading halt will remain in place until the start of normal trading on Friday, August 14, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 1.3 cents, more than three times higher than 0.4 cents at the close on June 29.
Targeting $225 million monthly payments
Cirralto is targeting around $225 million per month in existing business-to-business payments volume from its customer network for conversion to its new Spenda platform.
The company is already processing about $1.7 million directly through the new platform.
Cirralto, which is transitioning to a digital payments company, says the Spenda family of payments products takes B2B payments to the next level, providing a single platform, enabling all businesses to get paid on time.
A significant number of businesses have transitioned consumer payments to digital and contactless transactions to fight the spread of COVID-19.
Managing director Adrian Floate said: “Since the launch of the SpendaCollect product, we have been flooded with interest from a really diverse cross-section of the market.
“The next step for our team is to implement processes that will allow us to satisfy the increased demand for our services.”