News & Resources

Feldman Quoted in Time and Fortune on Snap IPO

March 15, 2017

Olshan Corporate Partner Spencer Feldman was quoted recently in Time and Fortune regarding Snap Inc.’s much anticipated initial public offering earlier this month. Snap, which is the parent company of the image messaging application Snapchat, raised $3.4 billion in its IPO, valuing the company at $24 billion. Snap’s IPO is the first in the U.S. to exclusively sell nonvoting stock, which means that shareholders would not have the ability to nominate or remove members of the board, vote on executive compensation, and approve or block a takeover of the company. Demand for Snap shares is strong nevertheless, and as Mr. Feldman points out, shareholders still retain one crucial power: “Investors can vote with their feet. If they don’t like how things are going, they can sell their stock.”

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