WASHINGTON (GNB): Robinhood Markets Inc., the popular securities-trading app has filed confidentially for an initial public offering with the Securities and Exchange Commission (SEC), the company said in a blog post Tuesday.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the company said.
“The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”
According to a blog post, Robinhood said-“This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act”.
Robinhood, the eight-year-old firm was forced to pursue the funds when a surge of activity on its platform—driven by ferocious buying of so-called meme stocks like GameStop, GME- caused the clearinghouse that handles Robinhood’s trades to demand it put up billions to cover potential losses.
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