Nasdaq Announces Launch of Secondary Offering of Nasdaq Common Stock
Nasdaq (NDAQ) has announced a secondary public offering of 41,604,207 shares of its common stock, currently held by Argus Seller, LP, an affiliate of Thoma Bravo-managed funds. Nasdaq itself is not selling any shares and will not receive proceeds from this offering. Additionally, Nasdaq has agreed to a Concurrent Share Repurchase of 1,200,000 shares from the Selling Stockholder, capped at $120 million, as part of its existing share repurchase program to offset employee dilution.
After the offering and repurchase, the Selling Stockholder is expected to hold 42,804,207 shares, about 7.4% of Nasdaq's outstanding shares, subject to a lock-up until May 1, 2025. Goldman Sachs & Co. is the sole book-running manager for the offering. Nasdaq has filed a registration statement with the SEC for this offering.
Nasdaq (NDAQ) ha annunciato un offerta pubblica secondaria di 41.604.207 azioni delle sue azioni ordinarie, attualmente detenute da Argus Seller, LP, un'affiliata dei fondi gestiti da Thoma Bravo. Nasdaq non sta vendendo alcuna azione e non riceverà proventi da questa offerta. Inoltre, Nasdaq ha concordato un riacquisto di azioni concomitante di 1.200.000 azioni dal Venditore di Azioni, limitato a 120 milioni di dollari, come parte del suo programma di riacquisto di azioni esistente per compensare la diluizione degli azionisti.
Dopo l'offerta e il riacquisto, il Venditore di Azioni dovrebbe detenere 42.804.207 azioni, circa il 7,4% delle azioni in circolazione di Nasdaq, soggetto a un blocco fino al 1° maggio 2025. Goldman Sachs & Co. è l'unico gestore della registrazione per l'offerta. Nasdaq ha presentato una dichiarazione di registrazione alla SEC per questa offerta.
Nasdaq (NDAQ) ha anunciado una oferta pública secundaria de 41.604.207 acciones de sus acciones ordinarias, actualmente en poder de Argus Seller, LP, una afiliada de los fondos gestionados por Thoma Bravo. Nasdaq no está vendiendo ninguna acción y no recibirá ingresos de esta oferta. Además, Nasdaq ha acordado un recompra de acciones concurrente de 1.200.000 acciones del Vendedor de Acciones, con un límite de 120 millones de dólares, como parte de su programa existente de recompra de acciones para compensar la dilución a los empleados.
Después de la oferta y la recompra, se espera que el Vendedor de Acciones mantenga 42.804.207 acciones, aproximadamente el 7,4% de las acciones en circulación de Nasdaq, sujeto a un período de bloqueo hasta el 1 de mayo de 2025. Goldman Sachs & Co. es el único gerente de libro para la oferta. Nasdaq ha presentado una declaración de registro a la SEC para esta oferta.
Nasdaq (NDAQ)는 2차 공모로 Argus Seller, LP가 보유하고 있는 41,604,207주의 보통주를 발표했습니다. 이 자료는 Thoma Bravo가 관리하는 펀드의 관련 회사입니다. Nasdaq 자체는 주식을 판매하지 않으며 이 제안으로부터 수익을 받지 않습니다. 또한, Nasdaq는 1,200,000주의 주식을 판매 주주로부터 구매하기로 동의했으며, 이는 1억 2천만 달러로 제한되며 기존의 주식 재매입 프로그램의 일환으로 직원 희석을 상쇄하기 위한 것입니다.
제안 및 재매입 후, 판매 주주는 42,804,207주를 보유할 것으로 예상되며, 이는 Nasdaq의 발행 주식의 약 7.4%에 해당하며, 2025년 5월 1일까지 잠금 기간이 적용됩니다. Goldman Sachs & Co.는 이 제안의 유일한 북런닝 매니저입니다. Nasdaq는 이 제안에 대해 SEC에 등록 명세서를 제출했습니다.
Nasdaq (NDAQ) a annoncé une offre publique secondaire de 41.604.207 actions de ses actions ordinaires, actuellement détenues par Argus Seller, LP, une affiliée des fonds gérés par Thoma Bravo. Nasdaq lui-même ne vend aucune action et ne recevra aucun produit de cette offre. De plus, Nasdaq a convenu d'un rachat d'actions simultané de 1.200.000 actions auprès de l'actionnaire vendeur, plafonné à 120 millions de dollars, dans le cadre de son programme de rachat d'actions existant pour compenser la dilution des employés.
Après l'offre et le rachat, on s'attend à ce que l'actionnaire vendeur détienne 42.804.207 actions, soit environ 7,4 % des actions en circulation de Nasdaq, soumis à une période de blocage jusqu'au 1er mai 2025. Goldman Sachs & Co. est le seul gestionnaire de livre pour cette offre. Nasdaq a déposé une déclaration d'enregistrement auprès de la SEC pour cette offre.
Nasdaq (NDAQ) hat eine sekundäre öffentliche Platzierung von 41.604.207 Aktien seiner Stammaktien bekannt gegeben, die derzeit von Argus Seller, LP, einer Tochtergesellschaft von Thoma Bravo, gehalten werden. Nasdaq selbst verkauft keine Aktien und wird aus diesem Angebot keine Einnahmen erzielen. Darüber hinaus hat Nasdaq einem gleichzeitigen Aktienrückkauf von 1.200.000 Aktien vom verkaufenden Aktionär zugestimmt, begrenzt auf 120 Millionen US-Dollar, als Teil seines bestehenden Aktienrückkaufprogramms zur Abmilderung der Verwässerung von Mitarbeitern.
Nach dem Angebot und dem Rückkauf wird erwartet, dass der verkaufende Aktionär 42.804.207 Aktien hält, was etwa 7,4 % der ausstehenden Aktien von Nasdaq entspricht, und einer Sperrfrist bis zum 1. Mai 2025 unterliegt. Goldman Sachs & Co. ist der alleinige Hauptbuchführer für das Angebot. Nasdaq hat eine Registrierungserklärung bei der SEC für dieses Angebot eingereicht.
- Nasdaq is not selling any shares, preserving its capital structure
- Concurrent Share Repurchase of 1,200,000 shares offsets employee dilution
- Selling Stockholder's remaining shares are locked up until May 1, 2025, potentially reducing market pressure
- Large secondary offering of 41,604,207 shares may put downward pressure on stock price
- Concurrent Share Repurchase of up to $120 million reduces company's cash reserves
- Potential increase in borrowings under commercial paper program to fund share repurchase
The announcement of Nasdaq's secondary offering and concurrent share repurchase is a significant development with potential implications for investors. The offering of 41,604,207 shares by Argus Seller, LP, an affiliate of Thoma Bravo, represents a substantial block of Nasdaq's stock entering the market. This could potentially impact the stock price due to increased supply.
However, Nasdaq's decision to repurchase 1,200,000 shares (up to
Post-transaction, Argus Seller's stake will decrease to approximately
Investors should note that while Nasdaq isn't directly selling shares or receiving proceeds, this transaction could impact the stock's supply-demand dynamics. The market's reaction will depend on factors such as current valuation, investor appetite and broader market conditions. The involvement of Goldman Sachs as the sole book-running manager suggests a well-orchestrated offering, which could help mitigate potential negative price impacts.
This secondary offering by Argus Seller, LP marks a significant shift in Nasdaq's ownership structure. The sale of such a large block of shares (41,604,207) could potentially increase the stock's liquidity and free float, which might attract more institutional investors who prefer stocks with higher trading volumes.
However, the market may interpret this large-scale selling by a major shareholder as a lack of confidence in Nasdaq's future prospects. To counterbalance this perception, Nasdaq's concurrent share repurchase of 1,200,000 shares sends a strong signal to the market about management's belief in the company's intrinsic value.
The timing of this offering is crucial. Investors should consider the current market conditions, Nasdaq's recent financial performance and the overall sentiment towards financial technology and exchange stocks. The success of this offering could set a precedent for future transactions and impact investor sentiment towards Nasdaq.
It's worth noting that after the transaction, Argus Seller will still hold a significant stake (
NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) (the “Company” or “Nasdaq”) today announced a secondary public offering of 41,604,207 shares of its common stock currently held by Argus Seller, LP (the “Selling Stockholder”), an affiliate of certain funds managed by Thoma Bravo, L.P. Nasdaq is not selling any shares of its common stock and will not receive any proceeds from the sale of the shares by the Selling Stockholder in the offering.
In addition, on July 25, 2024, Nasdaq 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 1,200,000 shares of common stock, provided that the total amount of shares to be repurchased does not exceed
At the completion of the offering and the Concurrent Share Repurchase, the Selling Stockholder is expected to hold 42,804,207 shares, representing approximately
Goldman Sachs & Co. LLC is acting as sole book-running manager for the offering.
Nasdaq has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents Nasdaq has filed with the SEC for more complete information about Nasdaq and the offering. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, Nasdaq, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “enables”, “intends”, “will”, “can”, “expected”, “enhances” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this press release include, among other things, statements about the offering, Nasdaq’s plans, objectives, expectations and intentions and the financial condition, results of operations and business of Nasdaq. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the offering, Nasdaq’s ability to implement its strategic vision, initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of the Company’s website at http://ir.nasdaq.com/investor-relations. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.
Media Relations Contact:
Marleen Geerlof
+1.347.380.3520
Marleen.Geerlof@Nasdaq.com
Investor Relations Contact:
Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com
-NDAQF-
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FAQ
How many shares of Nasdaq (NDAQ) are being offered in the secondary public offering?
Is Nasdaq (NDAQ) selling any shares in this secondary offering?
What is the Concurrent Share Repurchase agreement announced by Nasdaq (NDAQ)?