Shout out

27 September 2016 By Jeffrey Goldfarb Follow @jgfarb

The $3.3 bln rating site’s super-voting stock collapsed as designed. Groupon’s is about to do the same even as Facebook and Google entrench founders and Couche-Tard mulls reversing a sunset clause. The least companies can do is give these structures a shelf life and stick to it.

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Yelp said on Sept. 23 that all outstanding shares of its Class A and Class B common stock automatically converted into a single class of common stock, as required under its certificate of incorporation when the number of Class B shares represents less than 10 percent of the total common shares combined.

The conversion had no effect on the economic rights of stockholders, but eliminated the different voting powers. Class B shares had carried 10 votes each compared to one vote for each Class A share.

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