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Farfetch Ltd (NYSE:FTCH) shares were halted Monday morning and were trading lower after Coupang Inc (NYSE:CPNG) revealed its intention to acquire the company.
Coupang says their acquisition of Farfetch positions them as a significant player in the $400 billion luxury goods market by combining Coupang's operational strength with Farfetch's luxury expertise.
The move also grants Farfetch access to $500 million in capital, fostering technological advancements and broader market expansion.
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Farfetch shares in late November saw volatility after the company said it would not announce third-quarter results.
The company at the time said they were refraining from providing forecasts or guidance, cautioning against relying on previously given estimates.
According to data from Benzinga Pro, FTCH has a 52-week high of $8.02 and a 52-week low of $0.53.
