China's Dada Nexus slips on discounted equity offering

Dada Nexus

03/12/2020 13:56

** Shares of online Chinese grocery firm  DADA.O  fall 6.5%
to $50.1 premarket
    ** Shares on course for third straight session of losses 
    ** Co prices its underwritten follow-on offering of 9 mln
ADSs at US$50/ADS, representing discount of ~6.7% to stock's
closing price on Wednesday  urn:newsml:reuters.com:*:nGNX2PXx7f 
    ** DADA on Monday after bell announced its first equity
offering since going public in June with existing shareholder
JD.com  JD.O  also indicated to buy up to $50 mln of deal shares
 urn:newsml:reuters.com:*:nL1N2IH0XQ
    ** DADA outperformed S&P 500 Internet & Direct Marketing
Retail sub-index by 53.8% in last month, also surpassed the
broader NASDAQ Composite Index by 47.6% after it reported a
85.5% y-o-y jump in Q3 revenue  urn:newsml:reuters.com:*:nL4N2I62SQ
    ** As of December 2, there were 224.6 mln shares outstanding
with market cap of $12.04 bln - Refinitiv data
    ** About 229,900 shares of Shanghai-based co have traded so
far today, ~14.1% of their 30-DMA of 1.6 mln shares
    ** As of last close, stock up ~235.2% since its June IPO

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))