Why Bending Spoons Stock Soared 27% This Week
A $330 million private placement from Berkshire Hathaway sent Bending Spoons S.p.A. (NASDAQ:BSP) soaring 27% this week.
Bending Spoons stock changed hands at $47.96 as of 1 p.m. ET Friday, Oct. 16, up 27% from Friday, Oct. 9’s close through Thursday, Oct. 15’s close. Across those five sessions, the S&P 500 (SNPINDEX:^GSPC) fell 0.9%, and the Nasdaq-100 fell 3.1%.
A regulatory disclosure filed on Wednesday revealed that Berkshire Hathaway (NYSE:BRKA) entered into a binding agreement to purchase 10 million newly issued ordinary shares at $33.00 per share. The $330 million private placement expands Berkshire’s ownership stake to roughly 4%, building on the $600 million it committed during Bending Spoons’ July initial public offering. Management plans to use the gross proceeds to fund future acquisitions and strengthen financial flexibility.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.