May be worth $240M

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.