Tastytrade co-founders Sosnoff and Sheridan sell 6.5m shares in IG Group

29th Aug 2024 07:51

(Sharecast News) - Jefferies said late on Wednesday that Tom Sosnoff and Scott Sheridan had sold 6.5m IG Group shares in a placing to a limited number of institutional investors.

The placing represents around 1.8% of the existing share capital in the company.

Jefferies acted as sold global coordinator and sole bookrunner in connection with the placing, settlement of which is expected to take place on 2 September.

IG will not receive any proceeds from the placing.

Sosnoff and Sheridan were co-founders of US online brokerage and trading education platform Tastytrade, which was acquired by IG in 2021 for $1bn.