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Redfin to sell $110M of shares to Durable Capital Partners

Redfin Corp. agreed to sell $110 million of capital stock to venture capital firm Durable Capital Partners LP.

The transaction comprises $70 million of common stock, priced at $15.61 per share, and $40 million of convertible preferred stock with a conversion price of $19.51 per share.

The preferred stock is convertible at Durable's option and will convert automatically after three years if the real estate broker's common stock closes over $27.32 for 30 consecutive trading days. It will be redeemed Nov. 30, 2024, in cash or common shares, at Durable's election.