Reddit, Inc, which operates a social media platform popular with retail and cryptocurrency investors, said Thursday it has confidentially filed for an initial public offering.
What Happened: The company said on Twitter that it had submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission.
Hi, we have some news. pic.twitter.com/DjkjBRloHF
— Reddit (@Reddit) December 16, 2021
“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” said Reddit.
Reddit said it is quiet for “regulatory reasons” and it cannot “say anything further.”
See Also: How To Buy GameStop (GME) Shares
Why It Matters: Retail investors on Reddit, particularly on r/WallStreetBets, short squeezed shares of GameStop Corporation (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC) earlier in the year. The social media platform has also seen an uptick in activity from the rise of meme coins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (SHIB).
Recently, Reddit said it was testing a new website related to extending Ethereum (CRYPTO: ETH)-based Community Points to more subreddits.
Read Next: 5 Most Upvoted Reddit Posts Of 2021: Did GameStop Make The Cut?
