Topic: How To Invest

Spinoffs, Takeovers and Special Situations Hotline – Friday, June 28, 2019

Article Excerpt

SLACK TECHNOLOGIES INC., $37.50. symbol WORK on New York, provides companies with an application that helps employee teams communicate through chat and direct messaging. It has over 10 million daily active users working in more than 150 countries. It provides both a free version and a paid version. Slack is a brand new IPO, having gone public on June 19, 2019. It opted for a direct listing on the New York Stock Exchange instead of the customary underwriting process. The company’s existing shareholders, large and small, were allowed to sell their shares up to a combined preset limit of 283.4 million. Slack, itself, did not raise any funds through the direct listing. The company is the second high-profile tech firm to take this route. Spotify Technology SA (symbol SPOT on New York) did the same thing in April 2018. The reference price for Slack’s June 19 direct listing was $26. That price was set by the New York Stock Exchange. It established that…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.