Mobile payments company Square Inc priced shares at $9 late Wednesday, according to a source, further discounting the company’s valuation before it begins trading Thursday morning.

Square has raised $279.5 million in its Wall Street debut, close to $100 million less than expected.

The price set on Wednesday puts Square’s market capitalization at $2.9 billion, a 52 percent drop from the $6 billion valuation it had earned at its last private funding round.

San Francisco-based Square, led by CEO Jack Dorsey, earlier this month set a price range of $11 to $13, well below the $15.46 per-share price of its most recent private financing.

The steeper discount to $9 – a 42 percent drop from what investors were willing to pay a year ago – suggests widespread uncertainty about the profitability of the payments industry and the future of Square itself, which has seen slowing revenue growth.

Compounding concerns is Dorsey’s dual role running Twitter Inc., a social media company struggling for a turnaround.

(Reporting by Heather Somerville; Writing by Stephen R. Trousdale; Editing by Edwina Gibbs and Sandra Maler)

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