Summary
This 8-K filing by Nasdaq, Inc. (NDAQ) on March 20, 2024, details a significant development involving Borse Dubai Limited's sale of a substantial portion of its Nasdaq shares. Specifically, Borse Dubai has entered into an underwriting agreement to sell approximately 26.96 million shares, with an option for underwriters to purchase an additional 4.04 million shares, subject to closing conditions expected around March 22, 2024. This transaction does not directly impact Nasdaq's financials as the proceeds will go to the selling stockholder.
Key Highlights
- 1Borse Dubai Limited is selling 26,956,522 shares of Nasdaq common stock.
- 2Underwriters have an option to purchase an additional 4,043,478 shares.
- 3The sale is expected to close on March 22, 2024.
- 4Nasdaq, Inc. will not receive any proceeds from this share sale.
- 5Borse Dubai Limited has agreed not to sell its remaining shares for 18 months, with certain exceptions.
- 6Borse Dubai Limited will retain its right to nominate one director to Nasdaq's board as long as it holds at least 10% of outstanding shares.
- 7The transactions are subject to customary closing conditions.