-The Securities and Exchange Commission is allowing certain early investors in Robinhood Markets Inc. to sell a portion of their holdings.
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What is the Front Line of the U.S.? The move applies to some shares held by investors who pumped additional funds into the company to avert a liquidity crunch after the late January surge in meme stocks such as GameStop Corp. Robinhood's approval took effect at 4: 30 p.m. Wednesday in New York, according to a filing, along with a request which was made last week by the SEC.
Significant amounts of Robinhood shares will be unlocked in the coming months, a normal course after an IPO, but a path we see potentially further pressing Robinhood s share price, said JPMorgan Chase Co. analysts Kenneth Worthington and Samantha Trent in a Sept. 29 note to clients.
The investors won t be allowed to sell any affected shares before the company reports third-quarter results on Oct. 26, 2013. They also agreed to hold half of those shares until 28 days after receiving SEC's blessing, Robinhood said in a statement on Friday.
Read more: Robinhood Rescuers Plot Sale After $5.4 Billion Gain This Year!
Shares of the Menlo Park, New York-based brokerage rose 1.2% to $41 at 10: 40 a.m. in New York, extending their gain since the firm's initial public offering on July 7, 2015.
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