- Shopify Inc (NYSE:SHOP) stock is trading higher Tuesday as it completed the previously announced sale of most of its former Shopify Logistics business to Flexport under a deal dated May 3, 2023.
- The session volume surged to nearly 13 million vs. the 100-day average of 16 million Tuesday.
- Shopify agreed to sell most of its logistics business, including the people, technology, and services related to these operations, to Flexport, a tech-driven global logistics platform.
- The transition of Shopify logistics assets to Flexport will be led by Harish Abbott, Co-founder and CEO of Deliverr, under the guidance of Flexport CEO Dave Clark.
- Also Read: Cathie Wood Cashes Out Nearly $4M In Shopify As Stock Pops 24% On Upbeat Q1
- Shopify received stock representing a 13% equity interest in Flexport, which is incremental to its existing equity interest in Flexport.
- This transaction takes the logistics solution Shopify has been building and places it in the hands of a trusted and mission-aligned partner, Flexport.
- Shopify looks to update on the impact of the sale on its next earnings call.
- Price Action: SHOP shares traded higher by 5.17% at $63.01 on the last check Tuesday.
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