Jul 28, 2021
Uber Falls as Block Trade Is Said Offered Through Goldman Sachs
Bloomberg News
,(Bloomberg) -- Uber Technologies Inc. fell in after-hours trading on Wednesday after a person familiar with the matter said that Goldman Sachs was lining up buyers for a large block trade.
The bank is offering 45 million shares on behalf of an undisclosed holder, the person said, with a price range of $44.15 to $46.14. That’s a discount of up to 4.3% from Wednesday’s closing price for an offering that represents nearly three full days of average trading volume.
Uber shares fell 5% in postmarket trading, while rival ride-hailing firm Lyft Inc. fell 0.6% in an apparent sympathy trade.
The transaction arrives one week before Uber reports earnings. Uber will announce quarterly results on Aug. 4 after the market closes.
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