Robinhood (HOOD) Slips as SEC Reviews Share Sale Filing

Shares of Robinhood (NASDAQ: HOOD) are down 1.5% after the company said the U.S. Securities and Exchange Commission (SEC) was reviewing a filing of a share sale by a group of its shareholders.

Robinhood announced in early August that early investors may decide to sell up to 98 million shares, with no proceeds going to the company.

Today, the company amended the resale filing with the SEC to say that no shares can be sold before the SEC completes the review process and declares the filing effective.

“Once the SEC staff completes its review, Robinhood intends to file an acceleration request asking the SEC to declare the Resale S-1 effective two business days later. We expect to make a public announcement when we file that request. No sales can be made off the Resale S-1 until the SEC staff completes their review and declares it effective. At this time, we cannot predict how long that process will take,” Robinhood said in a press release.

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