Reddit says it has filed with SEC to go public

Social media level Reddit said Wednesday it has confidentially submitted a draught registration with the US Securities and Exchange Commission to spell nationalist connected Wall Street.

Reddit Inc said successful a connection that it has "confidentially submitted a draught registration connection connected Form S-1 with the Securities and Exchange Commission (the 'SEC') relating to the projected initial nationalist offering of its communal stock."

The institution said it had not yet determined the fig of shares that volition beryllium offered nor the terms scope for the stock.

"The archetypal nationalist offering is expected to hap aft the SEC completes its review process, taxable to marketplace and different conditions," added the company, which did not made the registration signifier public.

Created successful 2005 by 2 students from Virginia, the treatment level was bought successful 2006 by Conde Nast, which publishes magazines specified arsenic Vogue, The New Yorker and Vanity Fair.

The institution became an autarkic subsidiary successful 2011.

The level announced successful August that it had raised $700 cardinal during a fundraising run led by Fidelity Management, which valued the web astatine much than $10 billion.

Reddit showed its power successful January 2021, erstwhile an service of small-time banal traders, communicating connected its pages, rocked Wall Street by betting against the stocks that had gone viral similar those of the video store concatenation GameStop.

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© 2021 AFP