Under Armour Inc. made notable strides, surging up to 7.2 percent in after-hours trading on Monday following the announcement that Fairfax Financial Holdings has acquired a significant share in the sportswear company.
According to a recent filing, Fairfax now owns nearly 42 million shares of Under Armour, accounting for 22 percent of total shares. This represents an increase of almost 36 million shares from its previously reported stake.
Amid trying circumstances, Under Armour is striving to regain its footing after a difficult year. This included parting ways with NBA superstar Stephen Curry, the brand’s most prominent endorser. The strong connection with Curry concluded, contributing to a 40 percent decline in Under Armour’s stock value over the past year, alongside a consistent downturn in revenue.
At this time, Under Armour has not responded to inquiries for commentary. Likewise, representatives from Fairfax have not been readily available for contact.
