Down 73%, but no freak-outs necessary -- here's why:
Shares of Altaba Inc.
were trading in Tuesday's premarket at a price that is 73% below Monday's close, following its previously announced cash distribution as part of investment fund's liquidation plan. The company announced earlier this month a distribution of $51.50 in cash per share, to be paid Sept. 23 to shareholders of record on Sept. 16. The stock closed at $70.80 on Monday. Late Monday, the company said it plans to file a certificate of dissolution following the close of trading on Oct.
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