General World News

UWM cancels secondary offering

On Tuesday, Mat Ishbia launched a strategy to attract sophisticated investors to United Wholesale Mortgage (UWM) shares and eliminate the “meme stock” label. However, that strategy is dead for now as UWM Holdings Corp. said on Thursday that its principal shareholder, SFS Holding Corp. — a holding firm controlled by Mat Ishbia and his father, Jeffrey Ishbia — terminated the secondary offering announced two days before.

“Unfortunately, while there was more than enough demand from potential investors, the overall market conditions were such that the prices offered were not at levels that I details ⇒

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