The social media giant, Reddit, has gone public by way of an initial public offering (IPO) in the United States.
Reddit announced they would be offering 22,000,000 shares, with an initial share price of $34 per share under the “RDDT” ticker. However, the company’s share priced jumped 48% by the end of its first day of trading, peaking at $57.80 per share.
In their amended S1-Filing, Reddit stated it intends to use the funds generated from the IPO for “general corporate purposes” and potentially to “acquire or invest in complementary technologies, assets or intellectual property.”
The company reserved approximately 8% of their offering for their directed share program. This program is available to certain board members, friends and family of certain employees and directors, and eligible Reddit users and moderators (who were prioritized based on their Reddit contributions). Shares purchased through this program will not be subjected to a lock-up agreement or market standoff restrictions.
General Fusion, a Canadian startup, secured US$22 million (C$30 million) in financing to fuel its plans to produce commercially viable fusion power.The round was a “pay-to-play” deal in which existing…
On August 20th, Ranovus announced a C$100 million investment to develop and manufacture semiconductors at its Ottawa facility, expanding Ontario’s chip manufacturing capacity. In recent years, the…
Klarna is preparing for its long-awaited initial public offering, which has been approved to list on the New York Stock Exchange under the ticker symbol “KLAR.” Widely known as a buy now, pay later…
Toronto-based startup Waabi is shifting gears from research and development to commercialization, as founder Raquel Urtasun aims to bring autonomous trucking to market by the end of 2025.Waabi’s…
Garage, an online marketplace for emergency vehicles and equipment used by fire and EMS departments, announced a US$13.5 million Series A funding round led by Infinity Ventures. The round also…
Bluesky, a social network competitor of X, Threads and other open networks including Mastodon, is revisiting its community guidelines and other user policies to provide more clarity around user safety…
