POSH

Poshmark, Inc.

17.83
USD
0.00%
17.83
USD
0.00%
8.97 20.52
52 weeks
52 weeks

Mkt Cap 274.84M

Shares Out 15.41M

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Poshmark being acquired by Naver at $17.90/share or $1.2B enterprise value

Naver (OTCPK:NHNCF) to acquire all of the issued and outstanding shares of Poshmark (NASDAQ:POSH) for $17.90 in cash, representing an enterprise value of ~$1.2B. This represents a premium of 15% to Poshmark's closing stock price as of October 3, 2022, a 34% premium to the 30-day volume weighted average price, and a 48% premium to the 90-day volume weighted average price of Poshmark's shares. The move expands and diversifies Naver’s leading e-commerce platform, strengthens its community with a global social network of younger users, and positions it to capitalize on the global online fashion re-commerce and sustainable economy opportunity. The addition extends Poshmark’s leadership and capitalizes on changing consumer trends through new technology investments, international expansion, and category and product evolution. Puruant to the closure, Poshmark will become a standalone U.S. subsidiary of Naver and will continue to be led by CEO Manish Chandra and Poshmark's current management team. Poshmark will continue to operate under its existing brand, as well as maintain its employee base, Poshmark community, and headquarters in Redwood City, California. The deal is expected to close by the first quarter of 2023. The transaction is not contingent on any financing.

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