Securities & public companies partner Thomas Holden (San Francisco) was quoted in a Feb. 3 Law360 article on four key takeaways from technology startup Snap Inc.’s initial public offering filing.
Mr. Holden explains Snap filed its IPO confidentially under federal rules that allow early-stage companies to test the offering with prospective investors before going public. The Snap IPO offering contains provisions by which the two founder’s votes convert to single-vote Class B shares over time, eventually diluting the outsize power their Class C shares currently hold. Mr. Holden suspects that investors are comfortable that this is not going to negatively affect the IPO.
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