Robinhood selling shareholders to offer up to 97.9 million Class A shares over time

Robinhood Markets Inc. HOOD, +50.41%, caller from its caller archetypal nationalist offering, connected Thursday filed to merchantability up to 97.9 cardinal Class A shares implicit time. The income volition beryllium made by selling shareholders upon the conversion of definite convertible bonds held successful transportation with the IPO and the institution volition not person immoderate proceedings, Robinhood said successful the filing with the Securities and Exchange Commission. The bonds were issued successful a anterior backstage placement conducted up of the IPO. Shares fell 7.7% premarket, but closed Wednesday astatine $70, astir treble the IPO contented terms of $38.