HashiCorp's stock jumps on report that it's considering a sale
By Rey Mashayekhi
HashiCorp Inc.'s shares climbed more than 12% after hours Friday, after a report revealed that the cloud-adoption software company is considering putting itself up for sale.
San Francisco-based HashiCorp (HCP) has tapped a financial adviser to explore interest from potential buyers in recent months, Bloomberg reported Friday, citing unnamed sources familiar with the matter.
The company has already held "exploratory" discussions with industry parties about such a transaction, the publication said, adding that deliberations are "ongoing" and there's no guarantee they'll result in a deal.
Representatives for HashiCorp could not immediately be reached for comment.
HashiCorp's stock rose 12.4% in extended trading in the wake of the news, after gaining 3% in Friday's regular session.
The company's Nasdaq-traded shares have climbed 12.1% so far this year but are down 10.9% over the last 12 months - having fallen sharply since its December 2021 initial public offering, which raised more than $1.2 billion.
After debuting at north of $80 a share, HashiCorp's stock closed Friday at $26.50 a share, giving it a market capitalization of nearly $5.3 billion.
-Rey Mashayekhi
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03-15-24 2101ET
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