Dual-Class Share Listings Grow Despite Skeptics

Law360, New York (November 6, 2015, 4:33 PM EST) -- Square Inc. set terms Friday on a $324 million initial public offering that is distinguished in part through its use of a dual-class structure, making the wireless payment company founded by Twitter co-CEO Jack Dorsey the latest to adopt the controversial form of ownership in which companies reserve super-voting rights for key founders.

Companies can create dual-class listings by establishing a separate set of Class B shares that hold multiple votes per share. Under Square's IPO, Dorsey and existing stockholders will own Class B shares that carry 10 votes per share — amounting to 99.1 percent of the stock's combined voting...

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