Pinduoduo announces private placement to a global institutional investor

Shanghai, dec. 21, 2020 (globe newswire) -- pinduoduo inc. (the “company”) (nasdaq: pdd), today announced that a global institutional investor will purchase through a private placement close to us$500 million of newly issued class a ordinary shares of the company, representing approximately 0.3% of the company's post-issuance total outstanding shares. the transaction was priced with reference to the volume-weighted average price of the last five trading days. the investor has also agreed to a six-month lock-up period with respect to the newly issued shares. the transaction is expected to close on or about december 24, 2020.
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