Reddit has confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock, the company announced on Twitter.
The numbers of shares to be offered and the price range for the proposed offering have yet to be determined, the announcement said.
The IPO is expected to occur after the SEC completes its review process, subject to market conditions.
Reddit is in a “quiet period,” and for regulatory reasons cannot disclose more information, the announcement said.
The social media platform announced in January it was expanding its work with the Ethereum Foundation to provide development resources to scaling tools. In the announcement, posted to the Ethereum subreddit, Reddit employee u/jarins said the move increases the company’s commitment to the technology and echoes its long-held “decentralized ethos.”
Wednesday’s release does not constitute an offer to sell or the solicitation to buy any securities, Reddit said in a disclaimer.