Square Pays $93 Million Penalty to Some Investors in IPO

November 19, 2015 2:52 AM

38 1

Square Pays $93 Million Penalty to Some Investors in IPO

Square Inc. will have to give some investors additional shares valued at $93 million after its initial public offering priced well below a promised threshold.

The payments company’s IPO priced at $9, below an expected range of $11 to $13 and well under the $15.46 that investors including Rizvi Traverse and J.P. Morgan & Co. paid last fall. That $150 million funding round came with what’s called a “ratchet,” meaning the investors were guaranteed additional...

Also read: REFILE-UPDATE 1-Baker Hughes to form fracturing JV with Goldman Sachs, CSL Capital

Read more

To category page

Loading...