901.70 +0.36 (0.04%)
After hours: 5:01PM EDT
Investors should tread lightly with software developer and online store manager BigCommerce (NASDAQ: BIGC) after its first report as a publicly-traded company. The resulting cash and equivalents left on the balance sheet as of the beginning of August was $153.8 million.
For the second day running, shares of e-commerce facilitator Shopify (NYSE: SHOP) are in free fall. Two days ago, Shopify priced a secondary offering of 1.1 million shares at $900 each. Combined with the previously announced offering of $800 million in convertible senior notes due 2025, this is close to $1.8 billion in new cash that Shopify is amassing -- and closer to $2.1 billion if you factor in the potential for underwriters to exercise options to buy more shares and notes.
Snowflake and two other hot tech IPOs have attracted a stampede of bulls, but should investors chase their initial rallies?