Poshmark has agreed to sell itself in a deal that values the social shopping marketplace at less than half the price where it went public in early 2021.
South Korean internet giant Naver is paying $17.90 a share in cash for Poshmark, the companies said. Poshmark priced its initial public offering at $42 a share in January 2021 and the shares more than doubled on their first day. The stock has slumped since and closed Monday at $15.57.
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