SAN FRANCISCO (AP) – The Latest on a California high school making millions from the initial public offering of shares in Snap Inc. (all times local):
8 a.m.
A private Catholic high school in California’s Silicon Valley that made $24 million from an initial public offering of shares in Snap Inc. will use the windfall for financial aid, professional development, teacher training and funding of school programs.
St. Francis High School President Simon Chiu says none of the money will be used for teachers’ salaries or other labor costs.
The board of the high school in Mountain View agreed to invest $15,000 in seed money in Snap in 2012. That’ when the company was just getting started.
Chiu says board members had been invited to do so by one of the student’s parents, a venture capital investor.
The school held onto the investment until this week, when Snap shares sold for $17 each in an IPO.
The share price rocketed another 44 percent higher when trading began Thursday.
Chiu says none of the school’s nearly 1,800 students were involved in the investment venture.
____
4 a.m.
A California high school has made millions of dollars from the initial public offering of shares in Snap Inc., the company behind the Snapchat photo messaging application.
The board of the Saint Francis high school in Mountain View agreed to invest $15,000 in seed money in Snap in 2012, when the company was just getting started.
They had been invited to do so by one of the student’s parents, a venture capital investor, the high school president says in a letter issued to the school community Thursday.
The school held onto the investment until this week, when Snap shares sold for $17 each in an IPO. The share price rocketed another 44 percent higher when trading began Thursday.
The school was quoted by media including website Quartz as saying they sold two-thirds of their shares at $17 each, to raise $24 million.
“The school’s investment in Snap – which this morning announced the completion of its IPO – has matured and given us a significant boost,” said the high school president, Simon Chiu, in the letter.