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Around the World

Tech company, Slack is set to go public

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Slack to go public

American tech company, Searchable Log of All Conversation and Knowledge, popularly known as Slack, has confidentially filed to go public. This is according to a statement released by the company.

In the statement, the business messaging service confidentially asked the Securities and Exchange Commission (SEC), the United Kingdom (UK), to consider the public sale of its Class A common stock.

If Slack follows through with the direct listing, that would make it the second big technology company to do so, according to the Journal, following Spotify’s lead.

The statement read in part

“Slack Technologies Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.

“This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.”

What is a direct listing?

A direct listing, also known as a direct public offering is a process by which a company sells its own shares directly to the public. There are no underwriters involved. The company’s existing shares are listed on an exchange, and people who own them, such as the company’s existing investors, can choose to sell their shares directly on the public markets.

By using a direct listing instead of a traditional IPO, Slack isn’t raising any new capital, as companies do in a traditional IPO. Rather, the company aims at creating a public market for existing investors’ shares.

Can Slack pull this one?

In view of Slack’s recorded financial statements, it may not be erroneous to assert that the company has plenty of cash at hand to ignite the IPO. This is because the company had about $900 million in cash on its balance sheet as of October 2018, according to a report.

The $900 million puts Slack in a position of strength to circumvent traditional mechanisms for its public debut. With a direct listing, Slack would not need to sell new shares during the IPO to raise funds. According to the report, Slack projects it would already be free cash flow positive for the 12 months through January 2020.

Deal book 300 x 250

For the year ended in January 2018, Slack had revenue of $221 million. Slack projected that revenue will increase by 76 per cent to $389 million for the year ending January 2019 and then growing 64 per cent to $640 million the year after that.

About Slack

Slack is an American cloud-based set of proprietary team collaboration tools and services, founded by Stewart Butterfield. Slack began as an internal tool used by his company, Tiny Speck, in the development of Glitch, a now-defunct online game.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Around the World

Ngozi Okonjo-Iweala resumes first day as WTO Director-General

Dr Okonjo-Iweala officially resumed duty as the DG of the WTO today, March 1, 2021.

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Dr. Ngozi Okonjo-Iweala, former Nigerian Finance Minister and the first woman and African to be appointed as Director-General of the World Trade Organization resumed her first day of work as WTO chief.

This was disclosed in a social media statement on Monday morning by the WTO. Okonjo-Iweala said the WTO has lots of work to do and she feels ready to start

The trade organisation said: “Welcome to Dr Ngozi Okonjo-Iweala, on her first day as WTO Director-General! She makes history as the first woman and first African to take up this post.”

On her first day, Dr. Iweala said she is “coming into one of the most important institutions in the world and we have a lot of work to do. I feel ready to go.”

READ: WTO: President Buhari reacts to US backing of Okonjo-Iweala as Director-General

READ: Portugal blocks Africa’s richest woman, Isabel dos Santos’ bank accounts

What you should know 

  • On February 15th 2021, Nigeria’s Dr. Ngozi Okonjo-Iweala was officially appointed as the Director-General of the World Trade Organisation.
  • The United States and former Permanent Secretary Federal Ministry of Foreign Affairs, Ambassador Joe Keshi pointed out that the only way Nigeria as a country can benefit from her appointment is by being productive.
  • “She will not help you unless you are productive, she will not help you except you have something to sell, because her role as a DG of the World Trade Organization, the World Trade Organization is an organization that regulates global trade and except you have something to sell and you know put into the world market her role is to ensure that you get a fair deal and that you are not cheated in the whole process,” he said.

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Around the World

President Biden conducts first military airstrike against Iran-backed militia in Syria

The US has carried out military action in an approved airstrike against Iran-backed militia in eastern Syria.

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Joe Biden gains additional 4.6 million Twitter followers in less than 12 hours

U.S President, Joe Biden conducted his first military action in an approved airstrike against Iran-backed militia in eastern Syria, in a response to rocket attacks against American interests in Iraq.

This was disclosed in a report by Reuters on Friday morning, which revealed that the airstrikes were “limited in scope, potentially lowering the risk of escalation.”

Pentagon spokesman John Kirby said: “At President (Joe) Biden’s direction, U.S. military forces earlier this evening conducted airstrikes against infrastructure utilized by Iranian-backed militant groups in eastern Syria.”

“President Biden will act to protect American and Coalition personnel. At the same time, we have acted in a deliberate manner that aims to de-escalate the overall situation in both eastern Syria and Iraq,” he added.

The Pentagon revealed that the airstrikes were targeted at multiple facilities used by Iranian-backed militant groups, including Kata’ib Hezbollah (KH) and Kata’ib Sayyid al-Shuhada (KSS) at a Border Control point.

What you should know 

  • The attacks come just a month after Nairametrics reported that Joe Biden was sworn in as the 46th President of the United States.
  • Also this week, Joe Biden revoked former President, Donald Trump’s order that blocked many green card applicants from entering the United States.

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