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Robin Hood withdraws after shareholders apply to sell 97.9 million shares after this week’s Monster Rally

Robin Hood In a filing revised Thursday, existing shareholders said they would sell 97.9 million shares over time. The news knocked on stocks of trading apps that soared this week.

Fee-free brokers do not receive income from the sale of 97,876,033 Class A common stock. The offer is made through the automatic conversion of certain convertible bonds held by the selling shareholders in connection with the initial public offering.

These shareholders on sale include many venture capital firms that invested in Robin Hood early on. For example, New Enterprise Associates, which owns more than 10% of Robin Hood’s stake, is on the list of sellers for this offering. Andreessen Horowitz, ICONIQ Capital, Institutional Venture Partners and Ribit Capital were also among the shareholders on sale.

Robin Hood has set a maximum selling price for this offering at $ 35.12 per share. The total income of the holder can be up to $ 3.44 billion.

In pre-market trading on Thursday, stock prices fell by more than 12%.

After a weak IPO last week, Robin Hood’s share price soared this week as private investors bid for stock.

Stocks soared 50% on Wednesday and doubled in a week before falling on Thursday. ARK Invest’s Cathie Wood purchases and options trading launches were also praised for their contribution to increasing market share.

Robin Hood, which has grown significantly due to the rise of retail investors, was unveiled under the ticker HOOD on the Nasdaq last Thursday. The share price is $ 38 per share, which is the lower limit of the offer range.

Robin Hood withdraws after shareholders apply to sell 97.9 million shares after this week’s Monster Rally

Source link Robin Hood withdraws after shareholders apply to sell 97.9 million shares after this week’s Monster Rally

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