“It’s time for Vimeo to spread its wings and become a great independent public company.” “The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future,” said Joey Levin, CEO, IAC.
#Iac vimeo stock registration
Further details will be provided in a registration statement on Form S-4 relating to the transaction, which IAC and the new Vimeo holding company will soon file with the Securities and Exchange Commission. The proposed transaction is intended to qualify as tax-free to IAC and its stockholders for US federal income tax purposes. The transaction is anticipated to take the form of a reclassification of IAC shares, with the effect of IAC stockholders receiving a proportionate amount of Vimeo stock. IAC plans to hold a stockholder meeting in the first quarter of 2021 to review and approve a proposal to implement the spin-off, which, if approved, is expected to occur in the second quarter of 2021. Upon completion, Vimeo will become an independent, separately-traded public company, the 11th such company to emerge from IAC and its predecessors.
#Iac vimeo stock full
22, 2020 /PRNewswire/ - IAC (NASDAQ: IAC) announced today its Board of Directors has approved a plan to spin-off its full stake in Vimeo, the world’s leading video software company, to IAC shareholders. The New York-based company held $316 million in cash and equivalents and no debt as of March 31.NEW YORK, Dec. It has more than 200 million users and as of the end of March had 1.6 million paying subscribers, up 25% year over year.įor the first quarter of 2021, Vimeo reported $89.4 million (up 57% from the year prior) and net income of $3.3 million (compared with a net loss of $20.3 million in Q1 2020). Vimeo provides a suite of video tools for businesses and independent creators. Looking ahead, as an independent public company, we are well positioned to keep innovating with urgency to expand our software suite and put the full power of video in the hands of every business and team in the world.” Prior to Vimeo’s stock trading on Tuesday, Vimeo CEO Anjali Sud ( pictured above) said in a statement, “This is a proud moment for Vimeo, but just the beginning. Competitors range from YouTube to smaller video-hosting providers like Brightcove and Kaltura. “We think Vimeo’s biggest challenge will be a myriad of competitors from a variety of angles as the shift to video streaming comes in many forms,” BMO Capital Market analyst Dan Salmon wrote in a research note earlier this month. Vimeo is the 11th public company to be spun off from IAC, joining the ranks of companies including Match Group, Expedia, LendingTree, HSN (now part of Qurate) and Ticketmaster (now part of Live Nation Entertainment). As previously announced, IAC shareholders received 1.6235 shares of VMEO stock for each IAC share held as of the close of business on May 24. This January, Vimeo said it raised $300 million in new equity funding, giving it a pre-money valuation of $5.7 billion, double what it was three months earlier.Īs a result of the spinoff, IAC’s interest in Vimeo is now held directly by IAC shareholders. That gives it a current market capitalization of about $8.5 billion.
Vimeo stock began trading on Nasdaq under the symbol “VMEO.” It closed at $45.39 per share, down from its price of $52.08 on Monday. Shares of video-hosting provider Vimeo fell 12.85% on Tuesday, its first day of trading as a publicly traded company after being spun off from Barry Diller’s IAC internet conglomerate.
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