Smart speaker maker Sonos has officially filed to go public.
The company, which confidentially filed for an IPO in April, could raise as much as $100 million in the offering. It could be valued at as much as $3 billion.
According to its regulatory filings, Sonos brought in revenue of over $1 billion in the 12 months ending in March. It posted a profit of $13.1 million in the first half of its fiscal year, slightly lower than the $15 million brought in the previous year. Over the last 12 months though, the company posted a loss of about $16 million.
Sonos, founded in 2002, has become a massive player in the home audio space, its products integrating with Amazon Alexa. But it's also got a lot of competition, from Amazon itself, as well as Apple, Google, and traditional speaker companies like Bose.
The company plans to list on the Nasdaq under the ticker "SONO."
Soildus Labs, a market compliance and surveillance technology provider for crypto firms, has spearheaded the launch of the Crypto Market Integrity Coalition, a pledge committing to a safe and sensibly-regulated crypto industry. Kathy Kraninger, VP of Regulatory Affairs at Solidus Labs, discusses on Cheddar News' Closing Bell the biggest problems in the digital asset space that this new initiative plans to solve.
The global chip shortage continues to weigh on the automotive industry. For example, Ford says it is suspending or cutting production at eight of its factories in North America through next week due to the shortage. Balu Balakrishnan, President and CEO of Power Integrations, joins Cheddar News' Closing Bell, where he elaborates on why the chip shortage has dragged into 2022.
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The Biden Administration is set to revise federal rules to address potential security risks from foreign-owned apps, mainly Tiktok. This comes after the White House opted not to pursue a forced shutdown of the Chinese-owned video sharing platform. Under these new rules, federal oversight would be expanded to explicitly include apps that could be used by foreign adversaries to steal or otherwise obtain data. Senior Fellow at the Foundation for Defense of Democracies, Craig Singleton, joined Cheddar to discuss more.
The metaverse platform Decentraland hosted its first wedding over the weekend. The union was overseen by Rose Law Group, at the firm's virtual property, hosting witnesses including 2,000 guests. The ceremony endured some technical glitches before being completed.
The gaming industry has been under the spotlight so far this year following some big mergers and acquisitions. This week featured earnings of three major gaming companies, but also Meta and for the latter, things are not doing too hot. Joining Cheddar News to break it all down was Kenny Rosenblatt, President and Co-Founder of Arkadium.
