Thursday, June 8, 2017
California High School Sees $24 Million Return on Investment in SNAP
CNBC STORY: HIGH SCHOOL INVESTMENT IN SNAP
In 2012, St. Francis High School fund of Mountain View, California invested $15,000 (@ $0.007 per share) in Snapchat was worth $24 million in March 2017 after SNAP went public.
The Fund sold about 1.4 million shares of the 2.1 million shares it owned @ $17 each.
Barry Eggers, a founding partner of venture capital firm Lightspeed Venture Partners, learned about SNAP from his 2 children who were students at the St. Francis in 2012.
DISCLOSURE FROM SNAP SEC FILINGS prior to IPO
We were formed in 2010 as Future Freshman, LLC, a California limited liability company, and changed our name to Toyopa Group, LLC in 2011. In 2012, we incorporated as Snapchat, Inc., a Delaware corporation, and changed our name to Snap Inc. in 2016.
we are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. We may take advantage of certain exemptions from various public company reporting requirements, including not being required to have our internal control over financial reporting audited by our independent registered public accounting firm under Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and any golden parachute payments. We may take advantage of these exemptions for up to five years or until we are no longer an “emerging growth company,” whichever is earlier. In addition, the JOBS Act provides that an “emerging growth company” can delay adopting new or revised accounting standards until those standards apply to private companies. We have not elected to avail ourselves of this exemption and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not “emerging growth companies.”
SEC S-1/A FILING