AP — Stock trading app company Robinhood said Tuesday that it has submitted a confidential plan to go public later this year. The company based in Menlo Park, California, filed the paperwork with the Securities and Exchange Commission while at the center of a battle between online activist retail investors and institutional investors over companies such as GameStop and AMC Entertainment. Robinhood had to restrict trading of those companies earlier in the year, and has been subject to congressional investigations. Robinhood did not disclose the size of its initial public offering, or where it plans to trade its stock. CNBC reported earlier this year that the company was planning on listing on Nasdaq and that Goldman Sachs is the lead investment bank advising it on its plan to go public.
Stock trading app company Robinhood files plan to go public
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Ideas for writing a trading plan
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The company said it would sell up to 3. The company, however, is not obligated to sell shares at that value since at-the-market programs allow companies to sell stock over a prolonged period of time. Movie theater operator AMC and airline operator American Airlines, which also benefited from the Reddit-fueled trading frenzy in January, were able to sell stock but GameStop was unable to do so because of regulatory restrictions.