07:52 AM EST, 12/02/2024 (MT Newswires) -- NVIDIA ( NVDA ) is among a group of institutional investors financing a $700 million private placement for tech firm Nebius, the latter said in a statement Monday.

Nebius said it will issue approximately 33.3 million class A shares at $21 each. It also said the price represents an approximately 3% premium to the volume-weighted average price of the shares since it resumed trading on Nasdaq in October.

As a result of the financing, the company said that a buyback program it launched in August is "no longer warranted."

"The authorization to potentially repurchase shares was originally intended to provide legacy shareholders who wanted to exit our new business an opportunity to do so, especially in light of the prolonged suspension of trading on Nasdaq," Nebius Chairman John Boynton said in a statement.

In July, Nebius, formerly known as Yandex, announced that it had divested all of its Russian businesses for approximately $5.4 billion. It was then that the company said it had adopted the name Nebius.