Mike
1
- Groupon announced an $80 million rights offering, with each shareholder having the right to buy shares at $11.30.
- Pale Fire Capital, the largest shareholder, will backstop the offering.
- Groupon sold $10 million of its stake in SumUp and plans to sell another $100 million in non-core assets.
- Interim CEO Dušan Šenkypl expressed confidence in Groupon’s ability to operate and transform the business.
- Co-founder Eric Lefkofsky resigned from Groupon’s board.
- Q3 revenue was $126.5 million, down 12% YoY, with North American revenue down 12% and international sales down 14%.
- Adjusted profit was 12 cents per share, beating estimates.
- Groupon expects Q4 revenue to decline 7-14% to $127.5 million to $137.5 million.