Unicorn Asks SEC To Let It Give Stock To Gig-gers

Unicorn AirBnB, valued last year at about $31 Billion, has asked the Securities and Exchange Commission if it could give its “hosts” stock in the company without going public.

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The company is responding to Concept Release Release No. 33-10521 in which the SEC asked for public comments on “whether the current requirements of Rule 701 would benefit from updates in light of developments since the Commission last substantively revised the rule. Forms of equity compensation that were not typically usedat that time, particularly restricted stock units (“RSUs”), have become common, and newtypes of contractual relationships between companies and individuals involving alternative work arrangements have emerged in the so-called “gig economy.””

The letter also asks the SEC to exclude these potential stockholders from counting for purposes of having to file public periodic reports (Form 10-K’s, etc.).

https://www.wsj.com/articles/airbnb-proposes-giving-hosts-a-stake-in-the-company-1537552948

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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