(Seeking Alpha) Shares of Robinhood Markets jumped by more than 4% in premarket on Wednesday after it filed to end a resale of its Class A common stock as per its IPO registration.
The shares were received by certain shareholders who initially held the Tranche 1 convertible notes since the company’s IPO.
The conversion shares were to start selling on the 91st day since the day of the company’s listing.
Robinhood’s share jump erases some losses it has suffered recently on stock selling as its IPO lockup came to an end.
The brokerage’s firm stock has plunged more than 37% since its IPO, with the current price at around $22.73, a significant drop from its listing at the bottom of the range of $38 to $42 per share.
HOOD: NASDAQ is up +4.36% on premarket.
