Robinhood Markets Inc.
HOOD,
+50.41%,
fresh from its recent initial public offering, on Thursday filed to sell up to 97.9 million Class A shares over time. The sales will be made by selling shareholders upon the conversion of certain convertible bonds held in connection with the IPO and the company will not receive any proceedings, Robinhood said in the filing with the Securities and Exchange Commission. The bonds were issued in a prior private placement conducted ahead of the IPO. Shares fell 7.7% premarket, but closed Wednesday at $70, nearly double the IPO issue price of $38.