By Colin Kellaher

Shares of Poshmark Inc. jumped more than 10% in premarket trading Tuesday after the online fashion marketplace agreed to be acquired by South Korean internet giant Naver Corp. for about $1.2 billion.

Naver will pay $17.90 a share in cash for Poshmark, a 15% premium to Monday's closing price of $15.57 for the Redwood City, Calif., company.

However, the takeover price is less than half of Poshmark's $42 initial public offering price and well below the all-time high of $104.98 the stock hit on the day of its trading debut. in January 2021.

The deal is slated to close by the first quarter of 2023.

Poshmark shares were recently up nearly 12% to $17.38 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 04, 2022 06:13 ET (10:13 GMT)

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