Securities & Public Companies Partner Quoted in Law360 on Snap Inc.’s Expected IPO of Nonvoting Shares

Securities & public companies partner Thomas Holden (San Francisco) was quoted in a Jan. 30 Law360 article on high-profile internet company Snap Inc.’s anticipated initial public offering (IPO) plans to sell solely nonvoting shares to the public, representing a departure from current multi-class stock arrangements. Mr. Holden notes that assuming Snap’s IPO prices well and goes off smoothly, other firms may do the same, but he doubts that nonvoting shares will become a common IPO feature and will be limited to IPOs with the most leverage.