On Thursday, shares of online caregiver marketplace Care.com Inc. are skyrocketing, up over 36% in morning trading after it was announced that Google Capital, the investment arm of Alphabet Inc. (GOOGL - Free Report) , bought a $46.35 million stake in the company.
According to Bloomberg, this deal is Google Capital’s first investment in a publicly traded company, and will make it Care.com’s largest shareholder.
Under the terms of the agreement, Care.com issued a newly authorized series of convertible preferred stock to Google Capital at an initial conversion price of $10.50 per share. This represents a 21% premium to the 30-day volume-weighted average trading price of $8.68 ended June 27.
Care.com chairwoman and chief executive officer Sheila Marcelo said that “We are thrilled to announce this investment and to partner with Google Capital during our next phase of growth. We remain focused on delivering on our vision of building a global marketplace for care to help solve the needs of millions of families and caregivers.”
Google Capital was launched back in 2013, and since then, has invested in various privately-held companies. Laela Sturdy, a partner at the firm, will join Care.com’s board, the company said in a statement.
Morgan Stanley acted as placement agent to Care.com, and Latham & Watkins served as Care.com’s legal counsel in the deal.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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On Thursday, shares of online caregiver marketplace Care.com Inc. are skyrocketing, up over 36% in morning trading after it was announced that Google Capital, the investment arm of Alphabet Inc. (GOOGL - Free Report) , bought a $46.35 million stake in the company.
According to Bloomberg, this deal is Google Capital’s first investment in a publicly traded company, and will make it Care.com’s largest shareholder.
Under the terms of the agreement, Care.com issued a newly authorized series of convertible preferred stock to Google Capital at an initial conversion price of $10.50 per share. This represents a 21% premium to the 30-day volume-weighted average trading price of $8.68 ended June 27.
Care.com chairwoman and chief executive officer Sheila Marcelo said that “We are thrilled to announce this investment and to partner with Google Capital during our next phase of growth. We remain focused on delivering on our vision of building a global marketplace for care to help solve the needs of millions of families and caregivers.”
Google Capital was launched back in 2013, and since then, has invested in various privately-held companies. Laela Sturdy, a partner at the firm, will join Care.com’s board, the company said in a statement.
Morgan Stanley acted as placement agent to Care.com, and Latham & Watkins served as Care.com’s legal counsel in the deal.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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