Uber, Lyft Get IPO Feedback as Latest Shutdown Looms




 

(Bloomberg) -- Uber Technologies Inc. and Lyft Inc. have received initial feedback from the Securities and Exchange Commission about their confidential IPO filings, according to people familiar with the matter.

The move by the regulator -- which was shuttered for 35 days during the partial U.S. government shutdown -- puts the ball back in the companies' court to submit new drafts for review, said the people, who asked not to be identified because the back-and-forth is private. Both Uber and Lyft are closely watching whether another shutdown will go ahead at the end of this week as they prepare for initial public offerings later this year, the people said.

The two ride-hailing companies filed confidentially with the regulator in December. Barring another shutdown, Lyft continues to target a March or April listing, a person familiar with the matter said. Bloomberg has previously reported that the company was considering that timing.

Representatives for Uber, Lyft and the SEC declined to comment.

Expectations are high for technology and gig-economy companies to enter the public markets this year. In addition to Uber and Lyft, Pinterest Inc., Slack Technologies Inc. and meal-delivery app Postmates Inc. add to a deep roster of candidates expected to go public by the end of 2019. Uber is the largest of the group and could command a valuation of as much as $120 billion, people familiar with the ride-hailing company's plans have said.

Those plans could be affected if a further shutdown can't be averted, said Elliot Lutzker, a former SEC lawyer at Davidoff Hutcher & Citron LLP.

"Certainly another shutdown will create a backlog of paperwork," Lutzker said. "In anticipation of a potential shutdown, I think we can expect to see more confidential filings this week."

Negotiations to stave off another partial shutdown fell apart over the weekend as Democrats and Republicans continued to clash over border-security funding. The temporary stopgap funding that has kept federal departments open for the past few weeks is set to run out on Friday unless both sides can agree on a deal.

(Updates with lawyer's comment in sixth paragraph.)

--With assistance from Ben Bain.

To contact the reporters on this story: Eric Newcomer in San Francisco at enewcomer@bloomberg.net;Olivia Zaleski in San Francisco at ozaleski@bloomberg.net

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, ;Mark Milian at mmilian@bloomberg.net, Michael Hytha

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

COMMENTS

More Related News

Trump set to declare border emergency, sign shutdown-averting bill
Trump set to declare border emergency, sign shutdown-averting bill
  • US
  • 2019-02-15 12:33:50Z

Trump was also expected to sign a bipartisan government spending bill approved by Congress on Thursday that would prevent another federal shutdown by funding several agencies that otherwise would have closed on Saturday morning. The Republican president was scheduled to deliver remarks on the issue at 10 a.m. EST (1500 GMT) in the Rose Garden at the White House. The bill, lacking any money for his wall, is a defeat for Trump in Congress, where his demand for $5.7 billion in barrier funding yielded no results, other than a record-long 35-day December-January partial government shutdown that damaged the U.S. economy and his poll numbers.

The Ocasio-Cortez Party Turns Amazon
The Ocasio-Cortez Party Turns Amazon's NYC Plans Into HQ0

Amazon's decision to pull out of a planned mega-campus in Long Island City, Queens, is more than a loss for Cuomo. Cuomo and New York City Mayor Bill de Blasio-two Democrats who rarely agree on anything-brokered a truce to put together a $3 billion tax break for Amazon.com Inc. that helped secure one half of a second headquarters.

Trump to Sign Border Bill, Declare Emergency for More Wall Money
Trump to Sign Border Bill, Declare Emergency for More Wall Money

"President Trump will sign the government funding bill, and as he has stated before, he will also take other executive action - including a national emergency - to ensure we stop the national security and humanitarian crisis at the border," White House press secretary Sarah Sanders said in a statement

Government shutdown: Border security deal faces vote in Congress as midnight Friday deadline looms
Government shutdown: Border security deal faces vote in Congress as midnight Friday deadline looms

The compromise bill would provide some funding for a physical border barrier, but far less than the $5.7 billion President Trump wants for a wall.

Unhappy with deal, Trump still doesn
Unhappy with deal, Trump still doesn't expect a new shutdown

Under mounting pressure from his own party, President Donald Trump appeared to be grudgingly leaning toward accepting an agreement that would head off a threatened second government shutdown but provide just a fraction of the money he's been demanding for his Mexican border wall. Trump said Tuesday

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.