8/5, 1:09 PM (Source: TeleTrader)
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Robinhood shares fall 13% premarket after stock sale plan

Shares of Robinhood Markets Inc. fell over 13% in premarket trading on Thursday, as the company announced plans for the sale of up to 97.9 million shares over time.

In a filing, Robinhood stated that its existing stakeholders will sell 97.9 million shares of its Class A common stock, with the offering being through an automatic conversion of notes held by stockholders and which are connected to the initial public offering.

Shares of Robinhood traded 13.61% in the premarket trade at 7:09 am ET.

Breaking the News / OL