Why Dada Nexus Stock Just Crashed

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.