Robinhood to Make First Acquisition since IPO

Robinhood announced that it has agreed to purchase Say Technologies shares in a $140 million deal.

The trading platform company’s stock is down for the day by about 4.72% at $54.15.

The acquired communication platform provides investors with engaging features such as voting, viewing documents, management, and follow-up tools.

The initial public offering of Robinhood was completed earlier this month, with the company’s stock listed on the New York Stock Exchange’s (NYSE) Nasdaq Composite Index.

After being priced at the lower end of the offered range at $38 per share, the stock had a sloppy start, dropping by about 8% on its first day of trading, before surging last week.