SNAP IPO Debuts On NYSE

SNAP Inc., the parent company of Snapchat, went public yesterday with a valuation of approximately $33.4 billion. The Company raised $3.4 billion at $17 per share, and is now trading well above the IPO price. While SNAP has reported growing revenues ($404.5 million in 2016, up from $58.7 million in 2015), it has also reported growing net losses ($514.6 million in 2016, up from $372.9 million in 2015).

You can now purchase and own shares in SNAP, but you will not have any right to vote on any matters that may come before the shareholders of SNAP. SNAP has three classes of common stock: Class A, Class B, and Class C. Class A common stock, which are NOT entitled to vote on matters submitted to SNAP's shareholders, are the only shares that have been sold to the public – and Class A common stock is currently the only class of stock SNAP has registered under Section 12 of the Exchange Act. This means SNAP will not be required to file proxy statements or