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Popular trading app Robinhood on Thursday filed for its initial public offering,m and disclosed that it will set aside up to 35% of shares for retail investors who rarely get to buy at a company's IPO price.

Timing: Earlier this week, Robinhood agreed to pay a record $70 million in fines and restitution, as part of a settlement with the Financial Industry Regulatory Authority over providing customers with "false or misleading information."

  • The deal was viewed as key to letting Robinhood "flip" its IPO filing from confidential to public.

Background: Today's move also comes several months after Robinhood came under fire for restricting certain trades, related to a burst of activity on GameStop and other meme stocks.

  • The SEC continues to investigate the trading halt, which also sparked Congressional hearings, and Robinhood remains the defendant in several related class action lawsuits.
  • It also was sued by Massachusetts regulators for alleged securities law violations.
  • The SEC also reportedly slowed down Robinhood's IPO process over questions about its growing crypto-trading business.

ROI: Robinhood has raised over $5.5 billion since being founded in 2013, including $3.4 billion via a convertible note investment in the aftermath of the trading fiasco.

  • Major VC backers include Sequoia Capital, Index Ventures, Andreessen Horowitz and New Enterprise Associates.

Transcripts show George Floyd told police "I can't breathe" over 20 times

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Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.

Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.

The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.

  • The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.

What the transcripts say:

  • Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
  • The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
  • Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."

Read the transcripts via DocumentCloud.