The fee-free trading app, which went public last week, filed to sell up to 97.9 million more Class A shares over time.
After Robinhood’s share price surged on Wednesday, the company announced Thursday that it has filed to sell up to 97.9 million more Class A shares over time.
The sales will be made by current shareholders upon the conversion of convertible bonds issued in a prior private placement conducted ahead of the IPO. “ ‘Your risk tolerance and financial goals should be the ultimate guiding factors in your investment decisions.’ ” One the flip side, the company faces a slew of lawsuits and negative attention based on the temporary buying restrictions at the height of the GameStop GME, +4.52% saga earlier this year. It also faces regulatory attention, including SEC Chairman Gary Gensler’s hint that he’s concerned stock trading via apps can lead to excess.
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