Lacking voting rights, Snap IPO to test fund governance talk

BOSTON/SAN FRANCISCO (Reuters) – Shares sold in a $3 billion initial public offering by the parent of Snapchat will lack voting power, testing the commitment of big asset managers in their recent fight for investor rights. In a registration document on Thursday that it will use to pitch shares to investors, Snap Inc outlined an aggressive expansion plan for its social media network in what would be the biggest U.S. tech IPO since Facebook.

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