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Why Jumia Technologies Tumbled 15% Today

TheMotleyFool

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Why Jumia Technologies Tumbled 15% TodayPhoto, wide shot, wide-angle lens, Retail store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/bda07ced-e79e-4489-b731-ada601660c8e.png

Shares of Jumia Technologies (NYSE: JMIA) tumbled 15% in late day trading Thursday after the so-called "Amazon of Africa" internet retailer filed notice with the SEC it intended to sell 14.85 million shares of its American Depositary Shares (ADS), representing 29.7 million ordinary shares of stock.

With 74.5 million ADS outstanding at the end of 2019, the new stock Jumia will sell represents 20% of the existing shares outstanding, a substantial dilution to existing shareholders.

Image source: Jumia Technologies.

Source Fool.com

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