01—Abstract
Summary
Summary of the 8-K/A filed March 26, 2024. Cited figures are marked; the original filing is the authoritative source.
Reddit, Inc. filed this Amendment No. 1 to its Current Report on Form 8-K to correct an inadvertent error in the gross proceeds disclosed in Item 8.01 of the original report.
The amendment restates Item 8.01 only, and no other parts of the original report are changed. The corrected gross proceeds from the initial public offering are $631,601,918.00a, replacing the previously disclosed $600,021,822.10, before underwriting discounts, commissions, and estimated offering expenses payable by the Company. According to the filing, on March 25, 2024, the Company completed its initial public offering of 25,300,000 shares of Class A Common Stock at a price to the public of $34.00 per share.
Of these shares, 18,576,527 were sold by the Company and 6,723,473 were sold by certain selling stockholders. The total includes 3,300,000 shares covered by the underwriters' option, which was exercised in full to purchase shares from the Company.
For investors, the key points are the corrected primary proceeds figure and the split between Company and selling stockholder shares. The filing states that the Company did not receive any proceeds from the shares sold by the selling stockholders.
02—Key points
Key Highlights
- Amendment No. 1 corrects the gross proceeds from the IPO to $631,601,918.00, replacing the previously reported $600,021,822.10.
- The Company completed its IPO of 25,300,000 shares of Class A Common Stock on March 25, 2024, at $34.00 per share.
- The Company sold 18,576,527 shares in the offering, and certain selling stockholders sold 6,723,473 shares.
- The 25,300,000-share total includes 3,300,000 shares from the underwriters' option, which was exercised in full.
- The Company received no proceeds from shares sold by the selling stockholders.
- Gross proceeds are stated before underwriting discounts, commissions, and estimated offering expenses payable by the Company.
- The amendment restates Item 8.01 only; no other amendments are made to the original report.
03—Questions
Frequently Asked Questions
What was corrected in this amendment?
The gross proceeds from the initial public offering were corrected to $631,601,918.00 from the $600,021,822.10 shown in the original report. The filing describes the change as correcting an inadvertent error.
How many shares were offered and at what price?
The Company completed the offering of 25,300,000 shares of Class A Common Stock at $34.00 per share on March 25, 2024. This total includes 3,300,000 shares that the underwriters purchased from the Company under their option, which was exercised in full.
How many shares were sold by the Company versus selling stockholders?
The Company sold 18,576,527 shares, and certain selling stockholders sold 6,723,473 shares.
Did the Company receive any proceeds from shares sold by selling stockholders?
No. The filing states that the Company did not receive any proceeds from the sale of shares by the selling stockholders.
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