March 22, 2024 (Globlinvestorideas.com Newswire) Tech Stock News Bite – Reddit, Inc. (NYSE: RDDT) stock is down in morning trading following its successful IPO yesterday. The stock is trading at $46.89 down $3.55 or 7.03% in this morning’s trading, down from the high on its market debut yesterday of $57.80.
Reddit, Inc this week announced the pricing of its initial public offering of an aggregate 22,000,000 shares of its Class A common stock, 15,276,527 of which are being sold by Reddit and 6,723,473 of which are being sold by certain selling stockholders, at a public offering price of $34 per share. Reddit will not receive any proceeds from any sale of shares by the selling stockholders. In addition, Reddit has granted the underwriters a 30-day option to purchase up to an additional 3,300,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
The shares began trading on the New York Stock Exchange on March 21, 2024, under the ticker symbol “RDDT.” The offering is expected to close on March 25, 2024, subject to customary closing conditions.
Reddit is a community of communities. It’s built on shared interests, passion, and trust and is home to the most open and authentic conversations on the internet. Every day, Reddit users submit, vote, and comment on the topics they care most about. With 100,000+ active communities and approximately 73+ million daily active unique visitors, Reddit is one of the internet’s largest sources of information.
Read the company’s full news and disclaimer here:
https://finance.yahoo.com/news/reddit-announces-pricing-initial-public-214500275.html
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