The American social news aggregator and content creating platform Reddit announced on Twitter that it had submitted a draft registration statement with the United States Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its common stock in a confidential manner.
There is yet to be a determination made on the number of shares to be offered, as well as a price range for the proposed offering, according to the statement.
Depending on market conditions, the IPO is expected to take place when the U.S. SEC finishes its review process. The company recently said that it is seeking $15 plus billion fundraisings earlier in 2022 for its IPO.
Reddit, which was founded in 2005 by Huffman, Alexis Ohanian, and, therefore, the late Aaron Swartz, has evolved into a one-stop social networking platform. However, because they provide services that are nearly identical to those provided by Twitter and Facebook, the platform faces strong competition.
Reddit is currently quiet
According to the announcement, Reddit is currently in a “quiet period” and is unable to provide any details due to regulatory restrictions on disclosure.
According to a January announcement by the social media network, it would be expanding its collaboration with the Ethereum Foundation to contribute development resources to scaling tools. On the Ethereum subreddit by Reddit, employee u/jarins stated that it shows the company’s “decentralized ethos” and deepens its commitment to the technology over the long term.
Reddit also added in the disclaimer that Wednesday’s release does not include an offer to sell or purchase any securities.
As TheCoinRise reported, Reddit is planning to launch its own Non-fungible token (NFT) marketplace. It is hiring a team to design and create the platform.