A Google IPO blunder
The most anticipated initial public offering of the year is in a flap already. Web search company Google, planning an IPO worth up to $36 billion, may have illegally issued shares.
Google sold 23.2 million shares to 1,105 current and former employees and also granted 5.6 million options to 301 people, but did not register the transaction as required, the company said in a filing with the Securities and Exchange Commission, Reuters reported. The company plans to buy back the shares at a cost of $25.9 million, Reuters said, but some holder may not take a buyout and sue.
It’s not clear if this will affect the timing of the IPO. Google plans to sell 24.6 million shares at $108 to $135 per share in its debut, which means those illegally-issued shares could be worth up to $3.1 billion.
Hey bull, maybe it can be shorted at IPO with all those unregistered shares lol
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