CHARLOTTE, NASA (AP) – Robinhood, an app trading company, said on Tuesday it had unveiled a secret plan to make it public later this year.
The company, based in Menlo Park, California, submitted the paperwork to the Securities and Exchange Commission while it was at the center of a battle between online activist retailers and institutional investors such as GameStop and AMC Entertainment. Robinhood was forced to restrict the trading of these companies at the beginning of the year and was investigated by Congress.
Robinhood has not announced the size of its initial offer or where it plans to sell its shares. Earlier this year, CNBC reported that the company intends to list on the Nasdaq, that Goldman Sachs is the leading investment bank, which advises it to publish its program.
Robinhood was a success, as was significant criticism of its business model for making it easier for retailers to trade stock. The company app allows investors to buy shares of the company, and the stock trading almost turns into a game.
It is this ease of use that the company got into hot water earlier this year when activity on its app intensified as online retailers began buying shares of beaten companies to bet on Wall Street short traders who are investors trying to make money. to work The betting fund will decrease.
Robinhood had to seek emergency funding from venture capitalists to meet its regulatory requirements; it had to restrict the trading of those shares.