It’s been a long time coming, but the moment of truth finally came on Thursday.
Snap has officially filed for an IPO. Of course, that doesn’t mean the next big thing is coming to Wall Street. The company has already informed investors that it “may never achieve or maintain profitability.”
Nonetheless, it will trade under the symbol “SNAP” on the New York Stock exchange (NYSE).
According to CNBC, Snapchat says that “unlike almost every public offering on the market, the two co-founders” will control “all stockholder decisions.”
“Our two co-founders have control over all stockholder decisions because they control a substantial majority of our voting stock,” Snapchat says. “… We are not aware of any other company that has completed an initial public offering of non-voting stock on a U.S. stock exchange. We therefore cannot predict the impact our capital structure and the concentrated control by our founders may have on our stock price or our business.”
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