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CALIFORNIA CORPORATE & SECURITIES LAW

Qualification Of Offers And Sales Of Non-Voting Common Stock Is No Snap In California

In March, Snap Inc. announced that it and the selling stockholders had sold of 230 million shares of Class A Common Stock to the public at an initial public offering price of $17.00 per share.  The gross proceeds of the offering to the company and its selling stockholders was $3.91 billion. Even successful offerings have…

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No Voting Rights?

In this recent post, I wrote about California’s definition of “common shares” in Corporations Code § 159.  These are shares that have no preference over any other shares with respect to distribution of assets on liquidation or with respect to payment of dividends.  Is it possible to have common shares with no voting rights? In California,…

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