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Stephanie Turner
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7 months ago
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Advance Magazine Publishers sells $1.2 billion worth of Reddit stock
- Advance will offer 7.8 million shares at $145.38-148.54/pc.
- This deal could bring Advance itself about $1.2 bln
- This range implies a discount of 8% off the closing price
- Yesterday, Reddit shares closed at $158.02/pc.
- Advance is one of Reddit's largest shareholders
- In doing so, Advance is purchasing derivatives on its shares
- It will be able to maintain its stake and create a line of credit.
- On the back of such news, Reddit shares fell in price by 7.9%
- In total, the shares of Reddit after the IPO rose by 300%
- Earlier, 655 thousand shares for $88.5 million also sold Tencent
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