Reddit, a cryptocurrency-friendly social network, quietly filed an IPO request with the SEC.
Hi, we have some news. pic.twitter.com/DjkjBRloHF
— Reddit (@Reddit) December 16, 2021
Reddit Press Release writes:
“Reddit today announced that it has confidentially submitted a draft registration statement on Form S-1 with Securities and exchange commission, SEC relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for proposed offerings have not yet been determined. The initial public offering is expected to occur after SEC completes its review process, subject to market and other conditions.
We are in a quiet period and for regulatory reasons, we cannot say anything further”
Earlier Business Insider reported that Reddit is targeting a $15 billion valuation when it lists on the US stock market. Reddit CEO Steve Huffman recently said that “all good companies should go public when they can.”
Reddit management did not provide further information and told they are in a “quiet period.”
The popular Internet forum Reddit also plans to convert users’ karma points into ERC-20 tokens. The management hopes to attract 500 million cryptocurrency users.
Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods.
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