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Special Report: Snap Judgment on Non-Voting Shares in an IPO

Spotify Tests SEC Patience with Dual-Class Shares for Stock Offering

Non-voting shares are nothing new in the world of capital markets, but never before have they been the security on sale in an IPO. They hadn’t been, that is, until Snap. Inc. sold $3 billion of non-voting shares in a splashy IPO that gave the capital markets industry a welcome reminder of the glory days of old. But much remains unknown about shareholder experience with non-voting shares, leaving open the question of whether Snap’s IPO will, in retrospect, look more like a harbinger of further initial offerings of non-voting shares, or a “fool me once” event that wise investors will steer clear of in the future.

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