Any pointers on how to report them?
As requested, I'm posting the full text of the email into this post body. I hope it's screen reader friendly:
u/USERNAME,
tl;dr – you’re invited to a special program that lets redditors purchase stock at the same price as institutional investors when we IPO. Details about eligibility and next steps follow. This (long, dense) email has all the info we can provide due to legal restrictions.
As you may have heard, Reddit has taken steps toward becoming a publicly traded company with the initial public filing of our registration statement with the U.S. Securities and Exchange Commission on February 22, 2024. Yes, it’s happening.
And because you have helped make Reddit what it is today, you now have the opportunity to become Reddit owners at the same price as institutional investors.
We’re offering a Directed Share Program (“DSP”) that invites eligible users and moderators who have contributed to Reddit to participate in our initial public offering (“IPO”). (Including you!) Program Requirements While being selected to pre-register is the first step, there are certain legal and regulatory requirements to participate in the DSP that are outside of Reddit’s control. Bear with us here…
To be eligible for the DSP, you must: • Be a current U.S. resident; o You will be asked to provide the DSP Administrator a valid social security or permanent resident number, along with other personal information. Reddit will not have access to this data. o Please note that U.S. residents using a VPN may face application limitations if the VPN locates them in certain non-U.S. jurisdictions. • Be at least 18 years old; • Provide your full legal name and an email address; • Not be a current or former Reddit employee (FTE). When the DSP launches (a few weeks after pre-registration ends), individuals who have been confirmed for the program will be contacted by our external DSP Administrator. You will then be asked to provide additional information securely to the DSP Administrator to confirm your eligibility. How to pre-register The number of people who can participate in the DSP is limited; we will offer this opportunity to as many redditors as we are able to accommodate. If capacity is reached before the deadline, you will be added to the waitlist. Based on demand, we may also limit the number of shares available.
If you are interested in being part of Reddit’s DSP, please go to https://reddit.com/dsp on desktop to complete the pre-registration form. If you are one of the confirmed participants, we will follow up with an email with more details in the coming weeks. You can also refer to the Frequently Asked Questions for more information. Due to regulatory restrictions (yeah… we know…) we are not able to respond to further inquiries or questions.
Pre-registering does not guarantee that you will be invited or able to participate in the DSP; it also does not obligate you to purchase shares.
As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance. Therefore, we urge you to review the preliminary prospectus, when available, before deciding whether to invest in Reddit.
The deadline for pre-registering for the DSP is March 5, 2024. If capacity is reached before the deadline, you will be added to the waitlist. What happens next? While there won’t be a confirmation email immediately after you pre-register, everyone who pre-registers will receive an email in the coming weeks from “noreply@redditmail.com”, telling them whether they can proceed with the next steps for the DSP.
This is an automated message (beep, boop, beep) and does not receive replies. Please refer to the FAQ for more information. Per our lawyercats, we are not able to respond to further inquiries or questions. Prospectus and Important Disclosures The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from: Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, Attention:c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: prospectus-eq_fi@jpmorgan.com; and BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, or email: dg.prospectus_requests@bofa.com.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date. An indication of interest in response to this notification will involve no obligation or commitment of any kind.
You are receiving this email because a Reddit account, USERNAME, is registered to this email address. 548 Market St., #16093, San Francisco, CA 94104–5401
They’re getting desperate to find bag holders.
it's getting more obvious they are going to pull the rug, admittedly I haven't followed too much on the situation or on reddit at all since I stopped using reddit almost a decade ago. the site really went to shit didn't it. I just grab my popcorn when new updates pop up these days, all reddit is for me now is an end result from a google search about a problem.
They don't have to. There is no "pump" phase, we are already in the "dump" phase and Reddit is just dumping their stock (or gonna be when they IPO).
exit liquidity
Youre telling me, they sent me TWO invitations for two of my accounts. One of which I retired years ago because the username was kinda insensitive. Its been inactive for years, yet apparently it has enough karma for them to message me about it.
You should be very VERY vocal about how your account, insensitive name, was asked to own part of Reddit and how willing you are to do that, in order to make sure that the world knows that reddit is owned in part by insensitive name..
Tells you about how much karma you have to be an investor
I think it's more than that.
The price for these shares is probably not cheap for the individual, but won't raise a ton of money internally in the grand scheme of things. At least, that's how it works for employee options and phantom stock. The disparity here is due it's utility as a retention mechanism. The idea is that, if invested, you're less likely to jump ship until after IPO. With options and phantom stock, they typically have a "vestment period", so you have to wait before you can get your money back out.
In this case, Reddit knows it needs its moderators and power users, but can't afford to employ those people. So we get this weird middle-ground where they entice people to stick around, but they're still not employees. As a bonus to Reddit Inc., these "investors" will provide ballast for the IPO, because I'm betting this stuff has a vestment period that extends well past the IPO date. Seeing this all on a balance sheet will make other investors feel a lot better about buying or even holding shares when the IPO kicks off.
What I really don't like about this is that they mention the "DSP" and define it, but are coy about what the actual investment instrument is. What kind of shares are these? What is the price per share?