Grab executives buy back shares after stock hits 3-year low on Atome deal
‘I have put my money where my mouth is... I believe in our strategy and our direction,’ says CEO Anthony Tan
In the aftermath of Grab's stock hitting a three-year low following its acquisition of buy-now-pay-later provider Atome Financial, top executives of the Singapore-based company have opted to bolster their stake in the firm. CEO Anthony Tan and president Alex Hungate made significant purchases of Grab shares after the company's stock plummeted to a low of US$2.74 on September 18, 2023.
Grab's shares, which have declined by 50% over the past year, had fallen to their lowest level since May 2023. The acquisition of Atome was valued at up to US$4.5 billion, but it did not prove to be a catalyst for the stock price boost that was anticipated. Grab announced its intention to repurchase around US$900 million worth of shares over the following year, yet the news did not elicit the desired reaction from investors.
On September 21, Tan purchased shares worth US$30 million, while Hungate acquired around US$867,000 worth of shares, as revealed by filings with the US Securities and Exchange Commission. Following the purchases, Grab's shares climbed by 8.9% on Tuesday.
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- Grab execs buy back shares after stock hits three-year low on Atome deal economictimes.indiatimes.com
