Nasdaq Stock Sinks Following Major Share Sale
A big secondary sale
Shortly after market closed on Tuesday, Nasdaq and Borse Dubai announced that the latter company had launched a secondary offering of Nasdaq's common stock. The U.A.E.-based exchange operator is selling just under 27 million shares of its American peer and has granted the sale's underwriters a 30-day option to purchase an additional 4 million-plus shares.
The seller will remain an investor
In the joint press release, Borse Dubai explained that it is selling the stock to enhance its capital structure and boost its liquidity. It quoted its CEO Essa Kazim as saying, "We continue to be a long-term shareholder in Nasdaq and are invested in the success of the company."
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