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Why Dada Nexus Stock Just Crashed

Rich Smith, The Motley Fool
·2-min read
Why Dada Nexus Stock Just Crashed

Shares of recently IPO'ed Chinese online grocer Dada Nexus (NASDAQ: DADA) crashed in response to news of a secondary offering that will further dilute its shareholders Thursday. In 3 p.m. EST trading, Dada Nexus stock is trading down 15%. Dada Nexus actually told investors back on Monday that it was planning to float 9 million American Depositary Shares (ADSs), representing 36 million shares of ordinary common stock.