Nasdaq And Borse Dubai Announce Launch Of Secondary Offering Of 26,956,522 Shares Of Nasdaq Common Stock
Portfolio Pulse from Benzinga Newsdesk
Nasdaq, Inc. (NDAQ) and Borse Dubai announced the commencement of a secondary offering of 26,956,522 shares of Nasdaq's common stock by Borse Dubai, with an option for underwriters to purchase up to 4,043,478 additional shares. Nasdaq will not offer any shares or receive proceeds from this offering. Post-offering, Borse Dubai will hold approximately 10.8% of Nasdaq's outstanding shares, becoming the second largest shareholder. Borse Dubai commits to an 18-month lock-up period for its remaining shares and retains the right to nominate a board member as long as it owns at least 10% of Nasdaq's shares. The offering aims to enhance Borse Dubai's capital structure and liquidity, reflecting a long-term partnership and shared vision between the two entities.
March 19, 2024 | 8:16 pm
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NEUTRAL IMPACT
Nasdaq, Inc. is involved in a secondary offering initiated by Borse Dubai, which will not affect its proceeds but may influence its stock due to changes in market supply and shareholder structure.
While Nasdaq is not directly offering any shares or receiving proceeds, the secondary offering by Borse Dubai could impact Nasdaq's stock price in the short term due to changes in market supply. However, the long-term partnership and strategic vision shared between Nasdaq and Borse Dubai, along with Borse Dubai's commitment to remain a significant shareholder, suggest a neutral to potentially positive outlook on Nasdaq's stock. The market's perception of this offering and its impact on Nasdaq's liquidity and shareholder structure will be key factors to watch.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90