Chinese e-commerce platform Pinduoduo (NASDAQ: PDD) today announced that a global institutional investor will purchase through a private placement close to $500 million of newly issued Class A ordinary shares of, representing approximately 0.3% of its post-issuance total outstanding shares.
The transaction was priced with reference to the volume-weighted average price of the last five trading days, the company said.
The investor has also agreed to a six-month lock-up period with respect to the newly issued shares. The transaction is expected to close on or about December 24, 2020.
Pinduoduo shares went down by about 3 percent in pre-market trading.
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