Poshmark Inc (NASDAQ: POSH) shares are trading higher Tuesday after the company announced it will be acquired by Naver.
Poshmark has entered into a definitive agreement with Naver in which Naver will acquire all of the outstanding shares of Poshmark for $17.90 in cash.
"Longer term, as part of Naver, we will benefit from their financial resources, significant technology capabilities, and leading presence across Asia to expand our platform, elevate our product and user experiences, and enter new and large markets," said Manish Chandra, founder and CEO of Poshmark.
The transaction is expected to close by the first quarter of 2023. Upon completion, Poshmark will become a standalone U.S. subsidiary of Naver.
Naver is Korea's largest internet company. Poshmark is a social e-commerce marketplace for new and secondhand style.
POSH Price Action: Poshmark has a 52-week high of $17.90 and a 52-week low of $8.97.
The stock was up 13.3% at $17.65 at time of publication, according to Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.