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HOODwinked: Robinhood Soars As Firm Holds Insider Sales Until SEC Approves

Courtesy of ZeroHedge View original post here.

Having collapsed yesterday after admitting that insiders were looking to dump nearly 100 million shares into the freshly IPO'd market, erasing all of the prior day's orgasmic meme-driven gains, Robinhood has reversed its stance this morning.

The company said this morning that some early investors who filed to sell millions of shares won’t be able to do so until they get clearance from the U.S. Securities and Exchange Commission.

Resale Registration Statement on Form S-1

On August 5, 2021, Robinhood filed a registration statement on Form S-1 (the “Resale S-1”) with the Securities and Exchange Commission (the “SEC”).

The Resale S-1 registers shares already outstanding as a result of the automatic conversion of the Tranche I convertible notes in connection with the closing of Robinhood’s initial public offering on August 2, 2021.

Robinhood is not itself selling any additional securities but filed the Resale S-1 on behalf of certain of its shareholders pursuant to a pre-existing contractual obligation under the purchase agreement for the Tranche I convertible notes.

No sales can be made off the Resale S-1 until the SEC declares it effective, and, in light of required SEC staff review periods, Robinhood does not expect that it will be in a position to obtain a declaration of effectiveness until after its financial statements for the period ended June 30, 2021, have been filed with its upcoming Quarterly Report on Form 10-Q which it expects to file on August 18, 2021.

And the response… HOOD is up 20%

Even as sentiment slows on WSB…

Of course, it appears the 'buyers' have 'unrealized' that these insider sales are still imminent?

But hey YOLO, bitches!


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