Reported about 9 hours ago
A shareholder of Reddit Inc., Advance Magazine Publishers, is planning to set up a credit facility backed by its 7.8 million share equity stake, valued at up to $1.2 billion. This move comes as Reddit's share price continues to rise, having increased over 300% since its IPO in March. Advance is also purchasing derivatives to maintain its ownership while creating the facility. Reddit's shares fell by 7.3% in premarket trading following this news.
Source: YAHOO