Stephen Diamond spoke to Protocol about the delay with Robinhood’s IPO, which was announced in March after the GameStop trading controversy in January, 2021.
“Every IPO gets pushback from the SEC (Securities and Exchange Commission),” Santa Clara University law professor Stephen Diamond told Protocol. “It’s expected that you’re going to get comments, you’re going to have to make revisions. You could easily go through four or five amendments over a period of several months, and, from start to finish, the process could take six to nine months to get out the door.”
“There’s some big questions raised about the $3 billion emergency cash infusion that they got right in the middle of the GameStop crisis,” Diamond said. “I don’t think anyone in the public realm is satisfied with the explanations provided by [Robinhood CEO] Vlad Tenev in any of his public appearances.”
