CHARLOTTE, N.C. (AP) — Inventory trading application enterprise Robinhood stated Tuesday that it has submitted a confidential system to go community later this calendar year.
The business based in Menlo Park, California, filed the paperwork with the Securities and Exchange Fee whilst at the centre of a struggle concerning on line activist retail investors and institutional buyers about corporations this sort of as GameStop and AMC Entertainment. Robinhood experienced to limit investing of individuals providers previously in the yr, and has been subject matter to congressional investigations.
Robinhood did not disclose the sizing of its initial public offering, or wherever it strategies to trade its stock. CNBC claimed previously this yr that the firm was setting up on listing on Nasdaq and that Goldman Sachs is the guide investment lender advising it on its plan to go general public.
Robinhood identified accomplishment — as effectively as substantial criticism — for its organization product building inventory trading simpler for retail investors. The company’s app allows investors to invest in fractions of a share in a business, and turns stock investing into practically a game.
It’s this relieve of use that got the business into hot drinking water earlier this calendar year, when action surged on its app as on line retail buyers started off acquiring up shares of overwhelmed-down organizations to bet from Wall Street’s brief sellers, who are investors striving to make funds betting a stock will go down.
Robinhood had to request emergency funding from venture capitalists in purchase to satisfy its regulatory requirements and had to prohibit buying and selling in people shares.
Impression via AP Photo/Patrick Sison, File
Copyright 2021 The Affiliated Press. All legal rights reserved. This product could not be published, broadcast, rewritten or redistributed.