HYBE has disposed of its stake in SM Entertainment through a block deal (an off-hours bulk sale), weakening SM’s stock price.
As of 10 AM on May 28, SM’s stock price was $77.67, down 4.80% from the previous day. The stock hit a low of $77.49 in the early trading hours.
HYBE announced before trading hours began that it would dispose of 755,522 SM shares at $81.17 per share, thereby withdrawing part of its SM stake for $58.2 million. The number of shares held now amounts to 2,212,237. On the other hand, HYBE was trading at $169.37, down 2.31%, lowering towards $170.37.