Forbes reports that the company has updated its incorporation papers in Delaware. Advance has recapitalized Reddit, taking it out of the Conde Nast division, and allowing Reddit employees to own a sizable minority of newly issued stock. Advance bought $20 million in stock as part of the recapitalization and put in provisions saying that if the company is sold for less than $240 million, the conversion terms will change and Advance will get a bigger piece. It says this implies Reddit is on track to be worth at least $240 million.
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