Nasdaq Announces Launch Of Secondary Offering Of 41,604,207 Shares Of Its Common Stock Currently Held By Argus Seller, LP; In Addition, Entered Into A Share Repurchase Agreement With The Selling Stockholder Conditioned On The Secondary Public Offering, Pursuant To Which Nasdaq Has Agreed To Purchase From The Selling Stockholder 1.2M Shares Of Common Stock, Provided That The Total Amount Of Shares To Be Repurchased Does Not Exceed $120M
Portfolio Pulse from Benzinga Newsdesk
Nasdaq, Inc. (NDAQ) announced a secondary public offering of 41,604,207 shares held by Argus Seller, LP, and a share repurchase agreement to buy 1.2M shares for up to $120M. The repurchase is part of Nasdaq's existing program and will be funded by cash and borrowings.
July 26, 2024 | 8:12 pm
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Nasdaq, Inc. (NDAQ) is conducting a secondary public offering of 41,604,207 shares held by Argus Seller, LP, and has entered into a share repurchase agreement to buy 1.2M shares for up to $120M. The repurchase will be funded by cash and borrowings.
The secondary offering increases the supply of shares, which could put downward pressure on the stock price. However, the share repurchase agreement may offset some of this pressure by reducing the number of shares outstanding. The net impact is likely neutral in the short term.
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