The shares are expected to begin trading on the Nasdaq Global Select Market on July 29, 2021, under the ticker symbol “HOOD”.Robinhood, a famous stock and crypto-trading app, is set to debut on the Nasdaq exchange on Thursday following a billion valuation via its initial public offering (IPO). In a press release from the company on Wednesday, it revealed that it has priced its offering at per Class A common stock share. The pricing of the company’s common stock is on the lower end of the - per share price range it targeted and had planned on selling 5.5 million shares targeting a .89 billion raise.The statement by the company also indicated that the net proceeds to Robinhood from the sale of the common stock in this offering will be approximately .89
Topics:
<title> considers the following as important:
This could be interesting, too:
Chayanika Deka writes Ethena Labs Launches USDtb, Backed by BlackRock’s BUIDL Fund
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Wayne Jones writes Prometheum Files Lawsuit Against Critic Matthew Blumberg Amidst Scam Accusations
Ailleurs writes Les cinq piliers
The shares are expected to begin trading on the Nasdaq Global Select Market on July 29, 2021, under the ticker symbol “HOOD”.
Robinhood, a famous stock and crypto-trading app, is set to debut on the Nasdaq exchange on Thursday following a $32 billion valuation via its initial public offering (IPO).
In a press release from the company on Wednesday, it revealed that it has priced its offering at $38 per Class A common stock share.
The $38 pricing of the company’s common stock is on the lower end of the $38-$42 per share price range it targeted and had planned on selling 5.5 million shares targeting a $1.89 billion raise.
The statement by the company also indicated that the net proceeds to Robinhood from the sale of the common stock in this offering will be approximately $1.89 billion.
“Robinhood will not receive any proceeds from the sale of shares by the selling stockholders. Robinhood intends to use the net proceeds for working capital, capital expenditures, funding its anticipated tax obligations related to the settlement of RSUs, and general corporate purposes including increasing its hiring efforts to expand its employee base, expanding its customer support operations and satisfying its general capital needs,” the release read in parts.
The shares are expected to begin trading on the Nasdaq Global Select Market on July 29, 2021, under the ticker symbol “HOOD”. The offering is expected to close on August 2, 2021, subject to the satisfaction of customary closing conditions.
Goldman Sachs & Co and JPMorgan are acting as joint lead book-running managers for the offering while Barclays, Citigroup and Wells Fargo Securities are acting as additional book-running managers for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (SEC) on July 28, 2021. The offering is being made only by means of a prospectus.
Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app — a view some consider to be a risky gamble.
Known for its zero-fee trading structure, the company has continued to endure hits to its image as well as legal and political ramifications stemming from the fallout of the GameStop Inc (NYSE: GME) saga and limitations to users trading crypto.
The company is trying to reshape that image and is reportedly working on a new feature that will help protect users from crypto price volatility while hiring a former Google alumnus to improve its overall product design.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.