Nasdaq slumps in afterhours as second-largest shareholder to sell 27M shares
Investing.com — Nasdaq fell in afterhours trading Tuesday after its second-largest shareholder Borse Dubai said it would sell about 27 million shares in the bourse operator to boost liquidity.
Nasdaq Inc (NASDAQ:NDAQ) fell more than 3% in afterhours following the news.
Borse Dubai also expects to grant the underwriters a 30-day option to purchase up to about 4 million additional shares of Nasdaq’s common stock.
Following completion of the deal, Borse Dubai is expected to hold approximately 62.4 million shares of Nasdaq, representing a stake at about 10.8% and be the second largest shareholder in Nasdaq.
The sale comes as Borse Dubai seeks to enhance its «capital structure and liquidity,» Essa Kazim, Chairman and CEO, Borse Dubai said on Tuesday.
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