Robinhood to buy shareholder-communications company Say

NEW YORK – Robinhood, the trading app that's brought millions of caller investors to the banal market, is buying a institution that helps radical pass with the businesses whose shares they buy.

Robinhood Markets said Tuesday that it agreed to bargain Say Technologies for astir $140 cardinal successful cash. Say helps publically traded companies perceive what questions their investors privation answered, and it helps investors ballot astatine companies' yearly meetings connected everything from whether the CEO is overpaid to who should beryllium connected the committee of directors.

“We stock a communal extremity of eliminating the barriers that support radical from participating successful our fiscal system,” Robinhood Chief Product Officer Aparna Chennapragrada said successful a blog post.

Say's Q&A level allows investors to inquire questions of companies, with investors voting connected which questions they astir privation answered.

After the net merchandise for AMC Theatres connected Monday, for example, executives took questions archetypal from their investors done the Say platform. Only aft them did the executives instrumentality questions from Wall Street analysts. The archetypal question was astir whether AMC would wage a dividend again, 1 that got 63,500 votes from investors. CEO Adam Aron told them it cannot wage a dividend until astir a twelvemonth from now, astatine the earliest.

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Shares of Robinhood flipped from a tiny nonaccomplishment to a summation of 1.5% successful the archetypal fewer minutes of trading connected Tuesday. They've swung sharply since they began trading successful precocious July astatine $38, bouncing betwixt $33.25 and $85.

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