Why Nasdaq Shares Are Declining Premarket Wednesday

Nasdaq, Inc. NDAQ shares are trading lower following the secondary offering of 26.956 million common shares by Borse Dubai at $59 per share. 

Borse Dubai has also granted the underwriters a 30-day option to purchase up to 4.04 million additional shares of Nasdaq. 

Nasdaq stated that they are not offering shares and will not receive any proceeds from the offering. Borse Dubai will receive entire proceeds from the offering.

Also Read: Nasdaq Leads Over NYSE in IPO Listings, Drawing Major Tech and Global Firms in 2023

The offering is projected to close on March 22, 2024, subject to customary closing conditions.

Post completion of the offering, Borse Dubai is expected to hold around 62.4 million shares, accounting for about 10.8% of Nasdaq’s outstanding shares.

If the underwriters exercise their option to buy additional shares in full, Borse Dubai will hold around 58.3 million shares, representing 10.1% of Nasdaq’s shares.

Price Action: NDAQ shares are down 3.86% at $60.05 premarket on the last check Wednesday.

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