Barstool’s Dave Portnoy didn’t invest in Robinhood ‘out of principle’
Barstool Sports founder Dave Portnoy explains why he isn’t investing in Robinhood and discusses his sports gambling aspirations.
The Securities and Exchange Commission has launched a review of a share sale by a group of Robinhood investors.
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Robinhood announced Wednesday that a Resale S-1 has been filed on behalf of a group of its shareholders that received Class A common stock upon the automatic conversion of Tranche 1 convertible notes related to the commission-free trading platform's IPO.
"The SEC staff informed Robinhood on August 13, 2021 that they are reviewing the Resale S-1," the company said. "Once the SEC staff completes its review, Robinhood intends to file an acceleration request asking the SEC to declare the Resale S-1 effective two business days later. We expect to make a public announcement when we file that request."
No sales can be made off the Resale S-1 until the SEC completes their review and declares it effective.
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Robinhood's stock price took a hit in early August after the company revealed a group of its existing shareholders were planning to sell up to 97.9 million shares. Robinhood noted it would not receive any of the proceeds from the sale.
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An SEC spokesperson did not immediately return FOX Business' request for comment.
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