Why Ruhnn Holding Is Jumping 10.3% Today
Shares of Ruhnn Holding (NASDAQ: RUHN) were jumping 10.3% in morning trading Wednesday after the Chinese key opinion leader (KOL) facilitator for the fashion industry announced it was going private. Shareholders of Ruhnn's American depositary shares will receive $3.50 for each ADS owned.
Ruhnn went public on the Nasdaq exchange less than two years ago at a price of $11.50 per share, but never gained any traction and began declining in value almost immediately.
It closed just above $3 per share before this morning's announcement, meaning an IPO investor will lose 70% of their investment if and when this going private transaction closes.
Source Fool.com
